Sears Holdings which owns Kmart is revving up their efforts to shut 50 unprofitable stores including the Chester store on Jeffferson Davis Highway. In May of 2015, the Kmart in Colonial Heights closed.
At this time, it is expected that the store will close in June with liquidation sales beginning this month.
Sears is struggling as well, the chain’s same-store sales, or sales at stores open at least a year, dropped 6.9 percent in the most recent quarter. They fell 7.2 percent at Kmart.
According to “Business Insider,” Sears is now trying to stem the losses from underperforming stores by speeding up its store closings.
Kmart and Sears are not the only “big box” stores that are in financial trouble. Online sales are outperforming the big footprint stores. Reports indicate that big box once ruined small towns, now it is the online stores taking out the big boxes. According to Elizabeth Traub, Huffington Post, boutique shops may be making a comeback.