Kmart has confirmed that its Northcote Plaza store in Melbourne's north will close in November. 

Residing in the location for close to 40 years, the business confirmed it will not be renewing its lease for the site. 

Approximately 135 staff are employed at the store, with Kmart stating that it will redeploy the permanent team members. 

"Our store at Northcote Plaza will close on 22nd November 2020 following a decision not to renew the lease for that store. 

"Kmart has guaranteed redeployment for all permanent team members in another of our local stores," Kmart said. 

In September the Australian Financial Review reported that private investors had purchased the Northcote Plaza Kmart and two Coles stores for $60 million. 

The store closure follows a string of Australian retailers entering voluntary administration and shuttering stores including Curious Planet and fashion retailers Jeanswest, Bardot and Colette. 

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