As part of a company-wide cost-saving initiative, Kmart will be closing its Concord location.
Sears Holding, the parent company of Kmart and Sears, said this week it is closing 150 unprofitable stores nationwide. The Concord store to close this spring is at 545 US Hwy 29, near the Rock Hill Church Road intersection.
“The decision to close stores is a difficult but necessary step as we take actions to strengthen the company’s operations and fund its transformation,” the company said on its website.
“Many of these stores have struggled with their financial performance for years and we have kept them open to maintain local jobs and in the hopes that they would turn around.”
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Sears isn’t the only retailer struggling to keep up as customers turn more to online shopping. Macy’s, the largest U.S. department-store chain, this week cut its earnings outlook and said it would eliminate 6,200 jobs, and Kohl’s said holiday-season sales dropped more than it expected. Bloomberg News contributed.