An unfortunate announcement was recently made that the Price K-Mart would be closing its doors.
K-Mart and Super K-Mart stores are under the direction of Sears. In February, the company announced to the general public that it would accelerate the closing of some stores due to unprofitability. The decision was made that 68 K-Marts would close. Three of the 68 K-Marts facing closures are located in Utah, including the local Price store, one in Draper and one in West Jordan.
Then on Thursday, the company made another announcement that it follows a comprehensive evaluation of the company’s store portfolio. It took into account historical, as well as recent store performance.
The local K-Mart, along with the other stores that are closing, will all close their doors in late July with the exception of two stores that will close in mid-September. Not only are K-Mart’s closing, ten Sears locations will also shut their doors for good.
Sears’s website, searsholding.com, released a statement on this issue:
“The decision to close stores is a difficult but necessary step as we take aggressive actions to strengthen our company, fund our transformation and restore Sears Holdings to profitability,” stated Edward S. Lampert, Chairman and Chief Executive Officer of Sears Holding. “We’re focusing on our best members, our best categories and our best stores as we work to accelerate our transformation.”
Although the statement does not explain what would make an associate eligible, those that are eligible and are impacted by closures will receive severance pay. They will also have the opportunity to apply for open positions at K-Mart and Sears stores that are close to them.
“We are committed to treating these associates with respect and compassion during this process,” Lampert said.