BURBANK (CBSLA) – A Kmart store in Burbank is one of 80 locations that will be shuttered by Sears Holdings as the company teeters on the brink of bankruptcy liquidation, the retailer announced Friday.
The store at 1000 San Fernando Road is expected to be closed by late March 2019, along with 79 other Kmart and Sears locations across the country. The other affected California stores are in Stockton, Apple Valley, Santa Maria and Auburn. Sears Holding is the parent company of Sears and Kmart.
The closures announced Friday are in addition to more than 180 that were previously announced by Sears.
“Liquidation sales at these stores are expected to begin in two weeks,” according to Sears Holdings. The closures are part of the company’s effort “to accelerate its strategic transformation and facilitate its financial restructuring.”
The company filed for bankruptcy in October after it was announced it owed $5 billion to creditors. The company’s chairman, Eddie Lampert, is believed to be attempting to purchase the company through the hedge fund he manages, ESL Investments.
Failing a successful purchase bid, Sears is facing the possibility of liquidation, ending the company’s 125-year run as one of the country’s best-known retailers.
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)