Major Retailer to Close Portsmouth Store this Summer

On Tuesday afternoon, Kmart store employees were busy helping customers, stocking shelves and managing inventory, but this August the 30 people who work in the Woodbury Avenue store lose their jobs when the retailer closes.

In an e-mail, Howard Riefs, the director of corporate communications for Sears Holdings, confirmed reports that the Big Box store retailer will close its doors.

"The Kmart store in Portsmouth will close to the public in mid-August. Until then, the store will remain open for customers.  The store will begin its liquidation sale on June 2," Riefs wrote.

He noted the store closures are part of a series of actions the company is taking to reduce on-going expenses, adjust its asset base, and accelerate the transformation of their 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," Riefs wrote in his e-mail.

He said the Portsmouth store's 30 employees will have an opportunity to apply for positions at other Kmart and Sears stores.  

The loss of the Kmart store could also pose some issues for several other businesses located in the K-Mart Plaza because the retailer has served as the anchor store for many years. Currently, Kmart has not posted any information about the store closure at its Portsmouth store and the store has not been listed yet with any Portsmouth area commercial brokers for a potential new tenant.

What do you think would be a good store or business for this retail space after Kmart closes its doors later this summer? Share your comments below.