Sears Holdings Corp. plans to close its Sears location in Bangor as part of a nationwide reduction that includes shuttering 103 Sears and Kmart stores.
The Illinois-based company, which owns both Sears and Kmart brands, issued a news release Thursday with a list of stores it plans to close by May. The Sears at 693 Stillwater Ave. in Bangor, the only store in Maine on the list, is scheduled for closure in early April.
Sears said the closures are part of an ongoing effort “to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members.”
According to the release, employees were notified Thursday of the upcoming closures.
“Eligible associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores,” it said.
Liquidation sales will begin as early as Jan. 12 at the stores slated for closure, the release said.
Sears Holdings has struggled financially over the past decade and has greatly reduced the number of stores it operates. Sears Canada, of which Sears Holdings owns 10 percent, filed for bankruptcy in June and is in the process of liquidation.
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