Regular sales halted over the weekend at our local Super Kmart as the business prepares to lock up its doors.
Giant corporate signs have been removed from their mounts atop the company’s former Cooper Foster Park Road store, which on Tuesday remained open “for the sale of fixtures only,” according to paper print-outs posted at entrances.
It’s shut down after months of liquidating inventory, among the last stores affected by a huge nationwide round of closings by parent company Sears Holdings.
Now a brand new round has started, signaling that the Amherst/Lorain location’s demise was likely part of the corporate giant’s death throes.
Sixty-four more Kmart store have just been announced to shut down across 28 states, including Canton and Mentor locations here in Ohio.
The news comes just a week after Moody’s published an analysis claiming Kmart does not have access to enough cash to keep operations up and running much longer.
The retailer is expected to have a negative operating cash flow this year of about $1.5 billion, analysts said.
After merging with Sears in 2005, Kmart has seen its sales drop from $37 billion to $10 billion per year.
Jason Hawk can be reached at 440-988-2801 or @EditorHawk on Twitter.
Jason Hawk | Amherst News-Times Super Kmart on Cooper Foster Park Road was open Tuesday for the sale of fixtures only as it prepares to shut down permanently. Sale of merchandise ended of the weekend.
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