Business & Tech

Announcement by Sears Holding Could Impact West Long Branch Kmart

100 to 120 Kmart and Sears stores could be closed across the country

With the announcement on Tuesday that the company that owns Sears and Kmart plans to close more than 100 stores, the future of the West Long Branch business remains in question. 

The closing list has not yet been announced but with a on the corner of Monmouth Road and Route 36, there is no word yet whether they will be on that list. No timetable has been set, but the final list is scheduled to be released on this website

A press release issued by the company said during the fourth quarter and during 2011 both brands lost money. That loss is being attributed to "decreases in the consumer electronics and apparel categories," according to the release. Another contributing factor was a drop in sales of "consumer electronics and home appliance categories." The sales of items like apparel were also flat which did not help the company's situation.

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In light of the losses, Chief Executive Officer Lou D'Ambrosio said changes will need to be made. "Given our performance and the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce on-going expenses, adjust our asset base, and accelerate the transformation of our business model."

By closing the stores, the company estimates it will "generate $140 to $170 million of cash," by selling the inventories of the stores. D'Ambrosio said the changes should benefit the customers and the company. "These actions will enable us to focus our investments on serving our customers and members through integrated retail - at the store, online and in the home," he said. 

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