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Toms River Sears, Kmart Escape Round of Store Closings Announcement

100 to 120 Kmart and Sears stores could be closed across the country

With the announcement last week that the company that owns Sears and Kmart plans to close more than 100 stores, the two businesses in Toms River are not on the current list of stores announced to close.

Sears Holding says more stores will be added to the list, but had no defined timetable to do so, according to a company statement this week.

The closing list is currently 80 stores long, with Sears Holding announcing as many as 120 Kmart and Sears stores could close.

In Toms River, is the anchor store to the plaza bearing its name on Route 37 East, after the Hooper Avenue intersection. The second property is in the Ocean County Mall, where fronts the Oak Avenue side of the mall, where it is one of the original department stores in the mall since it opened in 1976.

Of the current list of stores slated to close, none are in New Jersey. No timetable has been set for the full list, but the final list is scheduled to be released on this website

A press release issued by the company said during the fourth quarter and during 2011 both brands lost money. That loss is being attributed to "decreases in the consumer electronics and apparel categories," according to the release. Another contributing factor was a drop in sales of "consumer electronics and home appliance categories." The sales of items like apparel were also flat which did not help the company's situation.

In light of the losses, Chief Executive Officer Lou D'Ambrosio said changes will need to be made. "Given our performance and the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce on-going expenses, adjust our asset base, and accelerate the transformation of our business model."

By closing the stores, the company estimates it will "generate $140 to $170 million of cash," by selling the inventories of the stores. D'Ambrosio said the changes should benefit the customers and the company. "These actions will enable us to focus our investments on serving our customers and members through integrated retail - at the store, online and in the home," he said. 

If either or both of these stores are on the final list, what impact do you think it will have on you? Or the town?

Ken January 02, 2012 at 10:05 PM
They can get rid of the K Mart and it would be no great loss. I don't know who even bothers to shop there. I went in there during the holiday season and what a dump. Hard to find anything in the store, since they seem to be always out of stock on everything. Forget about trying to find the price on most things. The prices were also very high on what you could find and find the price of. Better off being a vacant building.
barbara January 02, 2012 at 11:39 PM
don't really shop sears, but got a gift certificate for xmass. even though they saying t.r. store not closing there, i will head there one day this week on my lunch hr. better to be safe than lose that $.........could use a few new sweaters.
Rick Molinia January 04, 2012 at 03:17 AM
our Kmart is Toms River is a freakin dump.. terrible employees that can do nothin for you.. plus i noticed bathroom grooming items (gillette body scrub, face wash..) are all over $2 more than both Target & Walmart.. my favorite Listerine flavor & size is $4.99 @ target & $6.79 @ this poopy kmart..!! it adds up brother!
Steve Domanski January 04, 2012 at 09:34 AM
IF...These 2 stores are left open,you can only imagine,what the closeing store looking like and how they perform !!!!
Scott February 21, 2012 at 02:06 PM
When I worked there in high school in the mid 90's that TR store was consistently touted as a top performer in the NE by management, yet the AC as always "broken" and the typically irritated customers used to threaten to go to Wal-Mart all the time for any reason whatsoever. I wonder how this store compares now in light of all the problems SHC is having. I don't think store by store performance is released. My guess is if it were comparatively underperforming, they would shutter it. Could be an opportunity for the Landlord because their rent is probably based on a 30 y/o lease which is likely way under market, even in this economy.
Mark Wendell February 27, 2012 at 09:03 PM
was nearby and stopped in the K-Mart for something this x-mas and was shocked to see it nearly empty.

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