LOCAL IMPACT: 5 things to know about latest Kmart closings

FILE

caption arrowCaption
FILE

In the latest round of cuts for Sears Holdings, the last Kmart store in the Dayton area will close.

Sears Holdings plans to close an additional 43 Sears and Kmart stores within the year. That's on top of the 265 store closings already announced in recent months. Here's what you need to know about the store closures:

1. The latest round of closures includes the Kmart store at 601 Woodman Drive, which was the last location in the area. Kmart also announced it would close a store located at 4480 Indian Ripple Road in Beavercreek this month.

» STORE CLOSINGS: What’s really going on?

2. "This is part of a strategy both to address losses from unprofitable stores and to reduce the square footage of other stores because many of them are simply too big for our current needs," Sears Chief Executive Eddie Lampert said in a blog post on the closures.

3. Sears Holdings lost $2.2 billion in sales in 2016. In late March, the company issues a somber message and officials said there is "substantial doubt" that Kmart and Sears can continue to survive. The ominous warning came in an annual report filed with the Security and Exchange Commission.

» RELATED: Are Sears and Kmart closing near you? Company issues somber notice

4. Sears has several locations in the Miami Valley, including anchor stores at the Dayton Mall and the Mall at Fairfield Commons and the Miami Valley Centre Mall in Piqua.

5. At least 8,600 stores are expected to close in 2017, as consumers shift their spending habits online. The effects of the closures are far-ranging, impacting the job market and retail destinations in Dayton, Springfield and Cincinnati. Retailers that have closed locations include: The Limited, Family Christian, RadioShack, Sears, Kmart, JC Penney, Macy's, BCBGMAXAZRIA, Bebe, Crocs, GameStop, American Apparel, Guess, Gander Mountain, Payless ShoeSource, and Rue21.

About the Author