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SALT LAKE CITY — Four retail stores in Utah will close in 2017 as two national chains announced a wave of new closures.
On Wednesday, Macy's stated that it is moving forward with 68 store closures, part of the 100 closings it announced in August. Among those set to close are department stores at Layton Hills Mall in Layton and the former Cottonwood Mall in Salt Lake City. Last year, the West Valley City location at Valley Fair Mall was shuttered.
The most recent announcement brings to an end the last remnant of the former Cottonwood Mall. The city has entered into an agreement with the Ivory Companies to purchase the former site and will work over the next several months to refine ideas for future development there.
"While we regret the loss of jobs and retail convenience that may come with the closure of this store, we also recognize that the closure also presents a unique opportunity for redevelopment of this critical asset in our community," Holladay officials said in a statement. "We are excited about the opportunities this agreement may create for Holladay and its residents, and look forward to a discussion with the community about how those opportunities will unfold."
Also Wednesday, Sears announced a second wave of cutbacks, bringing the total number of closures slated for early 2017 to 150 locations. Its Kmart stores in Vernal and Layton are among those closing.
The company will shutter 108 Kmart stores and 42 Sears stores by April — approximately 10 percent of its overall Sears base, according to Business Insider.
Founded in 1962, Kmart purchased Sears in 2005 for a reported $11 billion. The company has locations in 49 states, as well as Puerto Rico, the U.S. Virgin Islands and Guam.
