Yesterday morning, based on a tip from an employee, we broke the news that the Kmart at the Gallery was going to close. Today the Business Journal sounds another Kmart death knell: the location in the Northeast will close as well.
The Gallery location’s closure comes at the cost of 120 employees, who will still have their jobs when liquidation sales begin Sunday, February 9th. Even more to look forward to are PREIT’s choices for new retailers: Will they be high-end, or Forever 21?
A spokesman from Kmart parent Sears Holdings Corp. told the Philadelphia Business Journal:
“Store closures are part of a series of actions we’re taking to reduce on-going expenses, adjust our asset base, and accelerate the transformation of our business model. 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.”
A call to the owner of the Gallery, PREIT, has not been returned by press time.
Meanwhile, in other news developments…
• Controversial tenant leader may join PHA board [Inquirer]
• Après-ski à Cobbs Creek [Philly Skyline]