Shrinking Kmart Sierra Vista store included in 64 Closures

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Kmart Store, 2011 East Fry Blvd, Sierra Vista, AZ

Kmart Corporation — owned by Sears Holding Corp (NASDAQ:SHLD) — is shutting down 64 stores in 28 states by the end of 2016 and is to include one Kmart #3695 at 2011 E Fry Blvd. in Sierra Vista, AZ.

The stores will begin liquidation sales on Sept. 22 and will close down by mid-December, the company said Monday.

The announcement follows a Sears announcement in July that resulted in 78 stores closing down, most of which were Kmart locations and included the Kmart at 300 West Mariposa Road in Nogales, AZ.

Separately on Friday, Seritage Growth Properties, a real-estate investment trust that owns 235 Sears and Kmart stores, revealed in a filing that Sears has decided to terminate leases on 17 stores, meaning it would close those stores, all 17 closures are now known to be Kmart stores and they will close by January.

“On September 16, 2016, Seritage Growth Properties (“Seritage”) announced that pursuant to the terms of the master lease (the “Master Lease”) between subsidiaries of Seritage and subsidiaries of Sears Holdings Corp. (“Sears Holdings”), Sears Holdings has exercised its right under  the Master Lease to terminate the Master Lease with respect to 17 unprofitable stores totaling 1.7 million square feet of gross leasable area.  The aggregate annual base rent at these stores is approximately $5.8 million, or 2.8% of the Company’s total annual base rent as of June 30, 2016, including all signed leases.  Sears Holdings will continue to pay Seritage rent until it vacates the stores which is expected to occur in January 2017.  Pursuant to the Master Lease, Sears Holdings will also pay Seritage a termination fee equal to one year of the aggregate annual base rent, plus estimated operating expenses.”

The new wave of closures follows Sears’ decision to shut down 78 mostly Kmart stores in July. Moody’s analysts warned last week that Kmart doesn’t have enough cash or access to cash to stay in business. Kmart has about 870 stores today, down from about 1,300 in 2012.

Here is a list of the stores closing:

Alabama
Kmart #3359: Gardendale, AL
Kmart #9571: Cullman, AL

Arizona
Kmart #3695: Sierra Vista, AZ

Arkansas
Kmart #7356: Jonesboro, AR
Kmart #9623: Springdale, AR

California
Kmart #7551: Indio, CA
Kmart #7587: Fontana, CA
Kmart #7625: Los Angeles, CA

Colorado
Kmart #4917: Thornton, CO
Kmart #7560: Craig, CO

Florida
Kmart #3355: Panama City, FL

Georgia
Kmart #4135: Augusta, GA

Hawaii
Kmart #7478: Waipahu, HI

Indiana
Kmart #3180: Merrillville, IN
Kmart #3556: Elkhart, IN
Kmart #7775: Lafayette, IN

Illinois
Kmart #3241: Springfield, IL
Kmart #3328: New Lenox, IL
Kmart #3594: Chicago, IL
Kmart #4095: Joliet, IL
Kmart #4781: Macomb, IL
Kmart #4984: Tinley Park, IL

Kentucky
Kmart #7174: Pikeville, KY

Louisiana
Kmart #3320: Houma, LA
Kmart #7061: New Iberia, LA

Massachusetts
Kmart #9146: Great Barrington, MA

Michigan
Kmart #4066: Jackson, MI
Kmart #4700: Fenton, MI
Kmart #4845: Manistee, MI
Kmart #4851: Byron Center, MI
Kmart #7205: Grand Rapids, MI
Kmart #7733: Alpena, MI
Kmart #9586: Sault Saint Marie, MI

Minnesota
Kmart #7216: Moorhead, MN
Kmart #9397: West Saint Paul, MN

Mississippi
Kmart #7642: Natchez, MS

Nebraska
Kmart #3814: Kearney, NE
Kmart #7024: Scottsbluff, NE

New Mexico
Kmart #7755: Deming, NM

New York
Kmart #3521: Binghamton, NY
Kmart #4176: Cheektowaga, NY

North Carolina
Kmart #4961: Burlington, NC
Kmart #9129: Mount Airy, NC

Oklahoma
Kmart #3044: Lawton, OK

Ohio
Kmart #4175: Canton, OH
Kmart #4910: Mentor, OH

Pennsylvania
Kmart #4772: Burnham, PA

South Dakota
Kmart #7306: Sioux Falls, SD

Tennessee
Kmart #3644: Nashville, TN
Kmart #4717: Oak Ridge, TN
Kmart #4739: Clarksville, TN
Kmart #4970: Memphis, TN
Kmart #7718: Hixson, TN
Kmart #9728: Smyrna, TN

Texas
Kmart #4972: Lubbock, TX
Kmart #7077: Harlingen, TX
Kmart #7795: Abilene, TX

Utah
Kmart #4162: Salt Lake City, UT
Kmart #7412: West Valley City, UT

Virginia
Kmart #3706: Wytheville, VA
Kmart #3754: Martinsville, VA

Washington
Kmart #4439: Yakima, WA

Wyoming
Kmart #4837: Riverton, WY
Kmart #9751: Cody, WY

To see the list store closings earlier this year see Real Estate Daily News March 16, 2016.