Sears CEO Eddie Lampert: Kmart Not Closing



Despite recent closings, Kmart still has 700 stores, said Lampert

Sears Holdings chairman and CEO Eddie Lampert has denied rumors that its Kmart subsidiary is about to close.

Calling any claims to the contrary “false and exaggerated,” Lampert asserted in a blog post “there are no plans and there have never been any plans to close the Kmart format.

“We’ve been working hard to make Kmart a more fun, engaging place to shop, powered by our integrated retail innovations and Shop Your Way,” he said. “To report or suggest otherwise is irresponsible and is likely intended to do harm to our company to the benefit of those who seek to gain advantage from posting these inaccurate reports.”

Last month, reports appeared that Sears, which purchased Kmart in 2004, was closing 64 Kmart stores.

Lampert, however, stressed that Kmart remains a 700-store chain.

“A significant number of these stores are profitable and have been profitable for many years,” Lampert said. “We have been clear that we are intent on improving the performance of our unprofitable stores and, if we cannot, we will close them.

“While the retail environment generally has been challenging and we won’t be able to restore profit immediately, we are focused on executing our plan and establishing a foundation from which Sears Holdings can grow for years to come,” he added. “It isn’t easy and there will be bumps along the way, but we have tens of thousands of hardworking men and women dedicated to transforming the company and making our members lives better and easier every day.”

(Photo courtesy of Sears Holdings)

 

JCK News Director