Local Sears To Close Its Doors In Late November
The long-standing Sears in the Lake Success Shopping Center, which is located at 1400 Union Tpke., will close its doors in late November as Sears Holdings Corp. struggles to stay afloat in the ever-changing landscape of brick and mortar stores.
“As part of our ongoing efforts to streamline Sears Holdings’ operations, strengthen our capital position and focus on our best stores, the company informed associates at 46 unprofitable stores that we will be closing these stores in November 2018,” said a spokesperson for the company in a press release. “We continue to evaluate our network of stores, which is a critical component to our integrated retail transformation and will make further adjustments as needed. We thank associates affected by these store closures for their many contributions to our company.”
Expecting to face a challenging competitive environment, the company, who reported a loss in the first quarter of this year, said that it will also continue to explore ways to unlock value across a range of their assets by exploring ways to maximize the value of their Home Services, Innovel and Sears Auto Centers businesses.
Eligible associates will receive a severance package and will also have the opportunity to apply for open positions at other local Kmart or Sears stores.
Liquidation sales began late last month and will continue to liquidate until the stores’ individual closing date.
The Kmart that is located at 605 Old Country Rd. in Riverhead is also expected to close in November.
The Sears that is located at 1111 Franklin Ave., in Garden City is expected to remain open until further notice.