Sears To Close Additional Stores As Sales Continue To Drop

Sears To Close Additional Stores As Sales Continue To Drop

Troy Powers
June 3, 2018

Sears Holdings Corporation is set to close another 72 stores as the company attempts to stave off plummeting sales.

Sears Holdings will close another 100 unprofitable stores after another quarter of losses and slowing sales.

The net loss attributable to the company was $424 million, or $3.93 per share, in its fiscal first quarter, ended May 5, compared with a profit of $245 million, or $2.29 per share, a year earlier.

Revenue fell 31.2 percent to $2.89 billion in the reported quarter, partly because of store closures.

Even though the current retail environment is hard for many retailers, Sears' performance has been much worse than its rivals. Stores closing sales at the 72 stores will begin "in the near future", with plans for the others to be determined.

After the three Sears stores close, the retailer will still have eight stores in the Dallas-Fort Worth market. But he is also quick to point out that with recent Toys "R" Us and Carson's store closures, there are plenty of large spaces vacant and available.

The 48 Sears locations and 15 Kmarts, including the local store at 1000 Montauk Hwy., will shutter in early September.

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"For malls to survive they have to be more than just retail now", Walsh said.

"Eligible associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores", according to Sears's store list summary.

By mid summer, Sears will have no stores in the city of Chicago.

In Mississippi, only the Hattiesburg store on Turtle Creek Road is listed to close. The stores posted a first-quarter loss of $3.93 a share.

Lampert, who put Sears and Kmart under one company after helping pull Kmart out of bankruptcy, has long said hed save the famed department store.

Sears is closing one other Florida store at 7902 Citrus Park Town Center in Tampa, as well as a Kmart in Tampa at 5400 E Busch Blvd.

Sears CEO Eddie Lampert has been criticized as being distant, neglecting stores and customer service, and not innovating enough to keep the company evolving with the times. That was after it had sold off the Sears Craftsman brand and as it looks for a buyer for its Kenmore appliance brand.