Retail chain Sears Holdings Corp. said Thursday it will close 150 stores in an effort to stabilize the company, after reporting continued quarterly losses. None of the stores set to close are in Alaska.
The company will shutter 108 Kmart stores and 42 Sears stores — all unprofitable — in order to "stem losses," Sears said in a press release.
"The decision to close stores is a difficult but necessary step as we take actions to strengthen the company's operations and fund its transformation," the company said in a statement. "Many of these stores have struggled with their financial performance for years and we have kept them open to maintain local jobs and in the hopes that they would turn around."
It's not uncommon for chain stores in Alaska to take less of a hit than those in other states when companies have widespread closures. During another round of Sears closings in 2011, Alaska stores were also spared.
Sears also announced Thursday that it is selling its Craftsman tool brand to Stanley Black & Decker for about $900 million. Under the deal, Sears will continue selling Craftsman products, but Black & Decker will have the rights to develop and manufacture Craftsman, and sell it at non-Sears locations.
The location in Juneau is a Sears Hometown store, a segment of the business that Sears Holdings spun off in 2012.