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| Kmart closings |
The move comes after the chain-nidense estadou experienced a disappointing holiday season, considered the strongest sales period for retailers.
"That will not close, do not be ungrateful, I bought at Sears all my furniture and my clothes at Kmart, is what is near me," said El Paso Guadalupe Martinez.
So far it is unclear if stores in El Paso will be affected by this mass closure or how many workers will lose their jobs, but is expected to make available information on the website searsmedia.com later.
"It's sad because they are good shops but I had noticed that is one and almost no people, many go to Walmart or Target," said Sarah Padilla.
"Due to our performance in these tough economic times, especially for high-priced products, we plan to implement a series of actions to reduce our expenses," said Lou D'Ambrosio, president of Sears Holding in a statement.
In El Paso there are two Sears stores in the malls of Cielo Vista and Sunland Park, and a center to pick up merchandise in 1335, Geronimo Avenue. There are also six Kmarts, one of the 6375 Montana Avenue, another at 655 Sunland Park, the third in 1120 in McRae, 9484 in Dyer street in the 11330 Montwood and in 411 of Zaragoza Avenue.
Official figures indicate that in the last quarter, including December, sales at Sears fell by 6 percent while Kmart by 4.4 percent compared with those recorded a year ago in the same period.
According to D'Ambrosio with closing expected to generate between 140 and 170 million dollars from the sale of the inventory of stores to close and with the sale or rental of properties where they are located.
The U.S. broadcaster reported that its earnings estimates for the fourth quarter will be less than half the 933 million dollars obtained last year.
As another measure to stay afloat is to reduce the inventory of other branches in $ 300 million by 2012.
