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Reuters reports that Sears Holdings plans to close 64 Kmart stores before the end of the year, with liquidation sales to begin in specific locations by the end of the week. The timing suggests that Sears believed that the stores were so irredeemable as to be not worth keeping afloat for the holidays, just in case they could be turned around.

"Thousands" of employees will be laid off, the company said.

The closings are in addition to the 68 Kmarts and 10 Sears stores that it announced back in April that it would close. As of the beginning or the year, Kmart had 941 stores and so it appears that by the end of the year it will have closed more than 14 percent of its fleet, while losing billions of dollars to other bricks-and-mortar and online retailers.

According to the story, "Sears said it would provide an updated store count in their next quarterly filing."
KC's View:
The way things are going, they're going to be able to count all their stores on the fingers of two hands. But, they're only going to need two of those fingers to show investors how the company feels about them. (Which is roughly how it seems to feel about customers.)

It was just last week, when confronted by analyses suggesting that Kmart was facing inevitable bankruptcy, a spokesman said, "We are an asset-rich enterprise with multiple resources at our disposal to fund our transformation..."

My question is, transformation into what? The guess here is that virtually nobody at Sears/Kmart has any idea.

I'll say it again: Dead company walking.