North Jersey Kmart Store Closing

PASSAIC COUNTY, NJ — The Kmart store in Passaic will close this summer, Sears Holdings announced Thursday.

The store is one of 72 Sears and Kmart locations the retailer announced it would close, the company announced. A liquidation sale could begin at the Barbour Avenue store as early as June 14.

Three New Jersey Sears stores will also close. They are located in Lawrence Township, Ocean, and Burlington.

"As part of our ongoing efforts to streamline the company's operations and focus on our Best Stores, we have identified approximately 100 non-profitable stores, 72 of which will begin store closing sales in the near future," the Illinois-based company said in a statement. "We continue to evaluate our network of stores, which are a critical component in our transformation, and will make further adjustments as needed and as warranted."

Sears reported a net loss of $424 million during the first quarter of 2018. During the first quarter last year, Sears saw earnings of $245 million, due in part to a $492 million gain related to the sale of its Craftsman brand line of tools.

Kmart and Sears were included on a list in 2017 of 18 retailers in New Jersey that are on the verge of bankruptcy and could be subject to closure.

Sears Holdings announced in 2017 that it would close 150 Kmart and Sears stores by this spring as part of a "difficult by necessary steps as we take actions to strengthen the company's operations and fund its transformation."

Sears and Kmart are the latest long-standing retailers to close stores New Jersey. Wayne-based Toys R Us its in the midst of a company-wide liquidation and going out of business sale at more than 730 stores nationwide.

Related: 18 New Jersey Retailers On Verge Of Bankruptcy

Photo by David Allen, Patch staff