LODI — Lodi’s Kmart store, on Cherokee Lane, will be among 68 Kmart and 10 Sears stores that will be closed this summer according to Sears Holdings Corp, which owns the stores.
The Lodi facility will begin its liquidation sale on May 12 and be closed by mid to late July. Employees losing their jobs may be able to apply at other stores and will receive a severance package.
Sears Holdings is trying to recover from years of unprofitable operations. The company lost $580 million in its fiscal fourth quarter that ended Jan. 30. That number was up from $159 million one year earlier. The company lost $1.3 billion for the full year.
The company hopes to generate revenues from the liquidation sales and the lease or sale of its locations. The company stock price jumped 21 cents per share on Friday in the first full day of trading since the news was announced.
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