Kmart will close its store at 9500 Montgomery NE in mid-September, according to a spokesman.
A liquidation sale began Sunday.
The store had been open since 1978, but spokesman Howard Riefs said in an email to the Journal that the company opted not to renew its lease for the space in the Sierra Vista Shopping Center.
Riefs provided the following statement on the closure:
“As a part of the ordinary course of business we close stores for a variety of reasons. This store is being closed because the lease was not renewed. The 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. The store in Albuquerque has 19 employees. They will have an opportunity to apply for positions at other Kmart and Sears stores.”
Kmart is a subsidiary of Sears Holdings Corp., which saw its revenues fall 8.8 percent in the first quarter of 2013.
Same-store sales at Kmart locations were down 4.6 percent in the period.
Riefs told the Journal there are no plans to close other Albuquerque-area Kmarts. The city has two additional Kmarts: 2100 Carlisle NE and 4208 Central SW.