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South-side Kmart to close

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The parent company of Kmart Corp. is planning to close the retailer's south-side Springfield store this summer.

The 3700 S. Campbell Ave. store is slated to close to the public in late June, according to parent Sears Holdings Corp. spokesman Howard Riefs.

"Store closures are part of a series of actions we’re taking to reduce ongoing expenses, adjust our asset base and accelerate the transformation of our business model," Riefs said via email. "These actions will better enable us to focus our investments on serving our customers and members through integrated retail – at the store, online and in the home."

Riefs said the store's 60 employees are mostly part-time workers, but some eligible associates would be offered severance packages. The company will encourage the displaced workers to apply for open positions at other Sears or Kmart locations in the area.

Riefs said the store would begin a liquidation sale on March 30. The roughly 8-acre site is owned by Kmart Corp. and had an appraised 2013 value of $3 million, according to the Greene County assessor.

Sears Holdings Corp. (Nasdaq: SHLD) operates two other Kmart stores in Springfield - at 1930 E. Kearney St. and 3101 S. Glenstone Ave - as well as a Sears store at Battlefield Mall.

The Hoffman Estates, Ill.-based holding company reported a net loss of $1.4 billion for 2013, compared to a figure that was $930 million in the red in 2012. The company operates about 2,400 stores in the U.S. and Canada, according to a news release.

SHLD shares were trading at $44.97 as of 10:27 a.m., compared to a 52-week range of $32.85 to $67.50.[[In-content Ad]]

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