This could be the last year that Sears and Kmart keep their doors open.
As reported by CBS Boston, both chains emerged from bankruptcy less than three years ago.
There are merely 21 full-line Sears stores left in the mainland of the United States and two in Puerto Rico.
There are another seven stores listed on the store’s website that are limited to selling appliances instead of a full range of products.
It is suspected that by the end of the year, there will only be six Kmarts left in the mainland of the United States along with six stores in Puerto Rico, the Virgin Islands and Guan. The last remaining Kmart in Massachusetts closed down earlier this year.
Stores like Walmart, Target and Amazon have also reported having difficulties with the shift of shopping habits. Neiman Marcus and JCPenny have reportedly filed for bankruptcy in 2020 and Lord & Taylor went out of business. If you’re also struggling financially, you may get in touch with a chapter 13 bankruptcy lawyer and discuss your options.
“It’s been in terminal decline for quite some time,” says managing director and retail analyst at research firm GlobalData, Neil Saunders.
“The war for talent in retail is very real right now. They’re not only raising the hourly wage but look for other elements to attract workers, college tuitions, benefits, things that Sears and other troubled retailers will have difficulty matching,” says lead partner in the global consumer practice of consultant Kearney, Greg Portell.