Sears Holdings Corp. (NASDAQ: SHLD) announced Monday it will close 142 unprofitable Sears and Kmart stores by the end of the year, including three in Greater Washington, as the struggling Illinois-based retailer attempts to right its financial ship via bankruptcy proceedings.
The Kmart at Springfield Plaza, the Sears at 15700 Emerald Way in Bowie and the Kmart at 6163 Oxon Hill Road in Oxon Hill will liquidate their inventory and shutter. Whatever isn’t sold, according to bankruptcy filings, may be abandoned inside the store and confiscated by the debtor landlord.
The 72,897-square-foot Springfield Plaza Kmart is owned by an affiliate of Bethesda-based Finmarc Management Inc. The Oxon Hill Kmart is owned by Wharton Realty Group Inc. and the Bowie Sears is owned by Seritage Growth Properties LP.
Finmarc executives were not immediately available for comment. The Springfield Plaza Kmart is the only standalone big box in that shopping center, which is usually nearly fully leased and…Read the full story from the Washington Business Journal.