Business

Lexington Kmart to close by October; liquidation begins next week

The Kmart on Nicholasville Road will close by early October, according to Sears Holdings, which said the store was unprofitable. Liquidation sales begin July 13.
The Kmart on Nicholasville Road will close by early October, according to Sears Holdings, which said the store was unprofitable. Liquidation sales begin July 13. Greg Kocher

Sears Holdings announced Friday that it will close Lexington’s last remaining Kmart store, at 2520 Nicholasville Road. The store, on a list of eight Sears and 35 Kmart stores being shuttered, will close by early October, according to the statement.

The company said the store wasn’t profitable. Liquidation sales are to begin as early as July 13 at all closing stores.

The Kmart at 2760 Frederica Street in Owensboro also will close, according to the list.

“After several months of hard work to bring our costs into line, we continue to take actions to realize our vision of an integrated retailer focused on quality member experiences,” Sears Holdings chairman and CEO Eddie Lampert said in a blog post.

“Changes in consumer behavior are driving our vision and actions, and we continue to transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members. Today, we will initiate the closing of an additional eight Sears and 35 Kmart unprofitable stores as we continue to focus on our best stores and return to profitability. This is part of a strategy both to address losses from unprofitable stores and to reduce the square footage of other stores, because many of them are simply too big for our current needs.”

It’s unclear how many employees will be affected by the closing of the Kmart in Lexington. According to the company, eligible employees will receive severance pay and may apply for open positions at other area Kmart or Sears stores.

The nearest remaining Kmart store is in Versailles; Lexington’s Sears store at Fayette Mall closed in January 2014.

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