LOS ANGELES (CNS) - The Kmart store on Third Street in Los Angeles is among 46 unprofitable outlets slated to start closeout sales this week, according to an announcement from the Sears Holding Corp.
Five stores in California are among the 12 Kmart and 33 Sears stores slated to close by November. This includes the Kmart store at 6310 W. Third Street, across the street from The Grove shopping and entertainment complex.
The other California closures are Kmart stores in San Diego's Spring Valley community, Antioch, and Clovis and a Sears in Santa Cruz. Sears Holding Corp. owns both the Sears and Kmart chains.
The 125-year-old retailer has closed hundreds of stores in recent years to improve its bottom line.
"We continue to evaluate our network of stores, which is a critical component to our integrated retail transformation, and will make further adjustments as needed," the company said in a statement.
This latest announcement comes just days after Lowe's announced it is closing all of is Orchard Supply Hardware stores five years after purchasing the chain out of bankruptcy from its previous owner, Sears Holdings Corp.
The latest Sears and Kmart liquidation sales are expected to begin Thursday, Aug. 30.
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