Business & Tech

Toms River Stores Survive Second Round of Closures

Sears Holding to close one store in New Jersey

The company that owns the store and the in Toms River announced on Feb. 23 the closing of more stores throughout the country, but none of the Toms River sites are affected. 

In December Sears Holding that more than 100 stores would be closed in the future. At that time neither of the Toms River locations was included in the list. Of the 15 added to the list of store closures, only the Kmart on Route 206 in Hillsborough came from the garden state.

No stores in the state were part of the first and much longer list of closures released in December were located in New Jersey. 

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press release issued by the company at the time 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."

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According to the company, any further announcements of closures will be posted on their website


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