why is kmart closing
Kmart Closing Stores. Kmart is closing several stores and will soon begin going out of business sales at the designated locations. A statement released by the company cited a desire to reduce âongoing expensesâ and to speed up business model transformation plans as the motivation behind the store closings.
Quick Answer. As of 2014, Sears Holdings, which owns and operates Kmart and Sears retail stores, has closed over 200 Kmart and Sears locations due to increasing financial losses as a result of declining sales figures. The two retailers have struggled in recent years to stay competitive with other major retail chains.