Sears’ parent company said Thursday that it will shutter its only Sears department store in Arkansas’ capital city later this year.
In a news release, Sears Holdings, which also owns Kmart, said its Sears store at 600 S. University Ave. in Little Rock will close in late July.
The Little Rock location was one of 10 Sears stores announced to close this summer across the U.S., according to the company based in Hoffman Estates, Ill. Sears Holdings said 68 Kmart stores nationwide are also set to close.
Liquidation sales will begin April 29 at the soon-to-be-shuttered Sears stores, the news release states.
Sears Holdings said the move came as a result of declining profitability at the 10 Sears stores, adding that the decision “follows a comprehensive evaluation of the company’s store portfolio that took into account historical and recent store performance, and the timing of lease expirations.”
Eligible employees impacted will receive severance packages and will have the opportunity to apply at other local Sears stores, according to the company.
A nearby North Little Rock location at 3930 McCain Blvd. is not included in the closure list and will remain open.
In the fourth quarter, revenue at Sears fell 6.9 percent, despite that period including the holiday shopping season, according to The Associated Press.
The company's fourth-quarter loss also widened to $580 million from $159 million a year ago.