The company has not yet announced any store closings but according to Jim Koury, a senior vice president at Spaulding Slye Colliers and a specialist in shopping center sales, the company will look at the profitability of each store as well as the cost of advertising. In major market areas, notes Koury, the cost of advertising goes down as the company can advertise for a number of stores at once. This could impact stores in the more rural parts of the state.

But stores in higher rent areas increase the occupancy costs of a store, as those costs are determined by the gross rent divided by the store's sales. "If rent is lower it can lower the occupancy costs," Koury tells GlobeSt.com. "This will account for the profitability of a store."

Once Kmart determines which stores should be closed, the bankruptcy court will look at the leases and decide which ones will be approved. If a lease has value--meaning that the rent being paid is less than the market value--it can be sold to the highest bidder. If Kmart is paying rent that is greater than the market rate, the owner of the shopping center gets stuck with the lease. "That will define how many will stay vacant," notes Koury. But he adds, that in the greater Boston area those spaces will probably be taken by other retailers.