The Kmart located along Fairmount Avenue and the Sears located in the Chautauqua Mall are not on the initial list of stores that will be closing.
On Dec. 27, Sears Holdings Corp., parent company of Kmart and Sears, said 100 to 120 stores in the United States and Canada will be shutting down to trim costs after a poor holiday shopping season. So far, the company has announced 81 of the Sears and Kmarts that will be closing.
In December, a company news releases stated that Kmart was down 4.4 percent for the eight-week quarter, with Sears domestic down 6 percent. Year-to-date, the news release said Kmart was down 1.8 percent and Sears domestic was down 3.3 percent.
Company officials expect the store closures to generate $140 to $170 million of cash as the net inventory in these stores is sold. They also expect to generate additional cash proceeds from the sale or sublease of the related real estate.
''Given our performance and the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce ongoing expenses, adjust our asset base and accelerate the transformation of our business model,'' said Lou D'Ambrosio, Sears chief executive officer, last month. ''These actions will better enable us to focus our investments on serving our customers and members through integrated retail at the store, online and in the home.''
The Warren, Pa., Kmart also didn't make the list of stores that would be closing. No Kmart or Sears in the state of New York made the list.
Sears officials said in addition to the specific store closures, they will carefully evaluate store performance going forward and act opportunistically to recognize value from poor-performing stores as circumstances allow.
The list of stores closing will be posted at www.searsmedia.com when final determination is made.