Kmart, Sears Stores in Moorestown Spared from Closings

Both the Kmart and stores in Moorestown are safe for now, after no New Jersey stores were included on the list of closures announced by Sears Holding Corp. Thursday.

But the list only marked 79 of a planned 100 to 120 store closures, and the company said additional updates will be made at some point.

The closest closings are two Sears stores in Pennsylvania: one in Upper Darby and another in Pottstown.

A release from the company noted declines in sales of consumer electronics and home appliances combined to drive down sales, which were down 2.6 percent overall across Sears and Kmart stores.

"Given our performance and the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce ongoing expenses, adjust our asset base, and accelerate the transformation of our business model,” CEO Lou D'Ambrosio said in the release.

Much of that involves reducing inventory and shutting down underperforming stores, company officials said.