Sears Holdings announced in 2014 that it would close 70 Kmart locations by early 2015. Prior to that announcement, Sears Holdings has shuttered close to 680 Kmart locations following its restructuring in 2003 under Chapter 11 bankruptcy. As of the second quarter of 2015, Sears Holdings has not announced further closures, but the company's financial health is failing.
Sears Holdings closed locations including Kmarts in Phoenix, Arizona; Tampa, Florida; Flint, Michigan; Indianapolis, Indiana; and Baltimore, Maryland. Along with 74 Sears and Sears Auto Center locations, two distribution centers, and three repair centers, these closings have contributed to over 8,000 layoffs company wide.
Sears Holdings reported negative earnings before interest, taxes, depreciation and amortization in 2012, 2013 and 2014. Following the announced store closings in late 2014 and early 2015, Sears holdings reported a $200 million loss for the second quarter of 2015 and a loss of $341 million for the first half.
Sears Holdings split off Sears Hometown and Outlet Stores as a separate publicly traded entity to raise cash holdings in 2012. In 2014, it did the same with its Lands’ End subsidiaries. The company sold most of its stake in operations in Canada in 2014. In 2015, it sold 235 of its stores to Seritage Growth Properties, which leases the buildings back to Sears Holdings. Despite these efforts, cash and asset holdings decreased by $700 million in 2013, $1.4 billion in 2014 and $1.7 billion in 2015.