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January to witness the closure of Kmart

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On Thursday, an announcement was made by Sears Holding Corp that it will be closing down Kmart, the last Toledo area store located in  Oregon.

The store in Oregon makes a part of 18 stores belonging to Sears and 45 Kmart stores that were declared on Thursday to be closed.

The remaining Kmart outlet will be closed in January. Sears Holding made public on Thursday.

The remaining of its full service was closed in September by Sears store in Toledo that it is situated at Central Avenue near Secor Road.

Announcements were made by the company back in July about how it will be closing the stores in Toledo, that which was at Alexis Road, also the store in Mich.

Sears Holding shared on its website that the closings were in line with the calculated assessment of the store and it was yet to know the number of the stores that it can manage with success.

A second-quarter loss was posted by Sears Holdings revealing a loss of over $200 million compared to a gain made of near $400 million a year back.

Eligible staff to receive severances

The company described the latest sessions of closings as a step to put down stores who were not profitable as their model for operating business was being revised and updated.

The company revealed that its staff and employees were put in the know on Thursday and supplemented that “let everyone bear in mind that the stores will be available even through the seasons of holidays.”

The firm stated that employees that deemed eligible at Oregon stores would get severance. The eligible employees number over 70. With no other outlet for Kmart available, there will be no job application opportunity within the footprints of the company.

Sears Holding has plans to conduct sales from Nov. 9 at soon to be closed stores.