As big-box retail centers decline in suburbs nationwide, retailers including Sears and K-Mart are feeling the crunch. Store closures and middling numbers are driven by a shift to online shopping and walkable urban centers, Hayley Peterson reports:
Things aren’t looking good for Sears.
The company is shutting down dozens of Kmart stores this month and two of its highest-ranking executives left this week in the midst of the key holiday shopping season.
This comes following speculation among Sears and Kmart employees, suppliers, and several banks that the retailer will soon go bankrupt — something Sears has repeatedly dismissed.
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