Sears and Kmart may be replacing their traditional Black Friday sales with deals that offer holiday shoppers an even bigger discount. With a total of 77 Sears and Kmart stores across the country scheduled to close before Christmas, it looks like consumers will be finding "going out of business" specials instead of post-Thanksgiving doorbuster deals.
Despite the fact that Black Friday is a big money-maker for most retailers, CNN reports that the long-term prognosis for both Sears and Kmart doesn't look good. Allan Ellinger of MMG Advisors, an investment bank that specializes in fashion and retailing, tells CNN that the pre-holiday closing is a sign that the two retail stores may not be around "long-term."
"It's sad, these were once among the industry's leading brands."
Sears will close 31 stores and Kmart will close 46, with most of the stores closing in December, weeks before the Christmas holiday. CNN Money reporter Chris Isidore states that although some of the stores won't close until after the holiday, most are already gearing up for going out of business sales instead of promoting Black Friday sales.
Along with the store closings comes even more distressing news -- at least 5,300 job are expected to be cut when 77 Sears and Kmart stores close their doors.
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