Sears and Kmart are household names throughout the country that have been around for decades. But because of dwindling sales and growing competition from stores like Target and online companies like Amazon, they might not be around for much longer. USA Today reports that Sears Holdings, the company that operates both Sears and Kmart, said that things have gotten so bad that it's uncertain whether the company will be around by this time next year. If the company keeps losing money and can't find more cash, it might not be able to afford to stock its shelves.
The company says it has a plan to move forward, but needs to close 150 stores across the country. They have also sold one of their most successful brands, Craftsman tools, and plans to partner with other companies in order to boost sales in the home and auto departments.
Of course, Sears and Kmart aren't the only big-name companies closing stores recently. JCPenney, Macy's, and Payless are all closing at least 100 stores across the country.