Sears store at Bonita Lakes in Meridian escapes closure

Published 1:01 pm Friday, August 24, 2018

Paula Merritt / The Meridian StarSears at Bonita Lakes mall.

The Sears store at the Bonita Lakes Mall in Meridian is not on a list of stores slated for closure this fall.

Sears Holdings announced this week that it would be closing 46 unprofitable stores across the U.S. in an effort to streamline operations and strengthen capital position in an effort to save the 125-year-old company.

The company said to do this, the focus needs to be on its best stores.

No Sears stores in Mississippi are on the list, but the Kmart located at 2308 Highway 45 North in Columbus is listed.

Associates affected by the closures were informed their stores would be closing in November, with liquidation sales beginning as early as Aug. 30.

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The company said eligible associates will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores.

According to Bloomberg, the store closings are in addition to the 63 planned closures Sears announced earlier this year.

The report states that Sears Holdings shares have lost value every year since 2014. And so far in 2018, the stock has declined about 67 percent.

The release said recent store closures contributed to nearly two thirds of the decline.

In January, Sears Holdings said it was closing more than 100 stores in March and April of this year, 64 Kmart locations and 39 Sears stores.

No stores in Mississippi or Alabama were on that list. However, in November 2017, the company announced it was closing 63 Sears and Kmart stores by late January 2018, which included the Sears in Tuscaloosa and Kmart in Albertville.

The J.C. Penney store at Bonita Lakes closed last year after the company announced it was closing two distribution facilities and 130-140 retail stores. Earlier this year, Geoffrey, another Bonita Lakes store, closed its doors after Toys R Us announced it was closing about 200 locations in the United States.

The decision to close 182 of its 900 retail stores in the United States — including Geoffrey’s and Babies R Us stores — came after Toys R Us filed for Chapter 11 last fall under the weight of $5 billion in debt.