Kmart Closing In Waterloo
Another major retailer will soon be leaving the Cedar Valley.
According to Business Insider, Kmart is closing in Waterloo this spring. The store at 3810 University Ave. is expected to be shuttered by April of 2017, after 50 years in business.
The local Kmart is among 108 being closed across the country this spring, and one of three in Iowa. Kmart stores in Dubuque and Sioux City were also listed on an internal corporate document the Business Insider claimed it had obtained. The document also said that 42 Sears stores were being shut down in the U.S., but none are in Iowa.
Combined, there were nearly 3,500 Sears and Kmart stores across the country in 2011. When the affected locations go out-of-business in April, there will be fewer than 1,500 remaining.
Sears Holding Corporation is the parent company of both Kmart and Sears. Company officials are closing struggling stores in an attempt to make up for losses from falling sales, Business Insider reported on Wednesday.
News of Kmart's closure in Waterloo comes nearly two years to the day when another major retailer unveiled plans to leave the Cedar Valley after more than 90 years. On Jan. 8, 2015, J.C. Penney made the announcement it was closing its store at Crossroads Center in Waterloo.
Source: Business Insider