Berks' last Kmart spared in latest round of store closings

25 August, 2017, 00:39 | Author: Essie Rivera
  • Sears to shutter another 28 locations, as same-store sales tumble 11.5%

Sears said Thursday that it was closing another 28 Kmart stores in addition to 180 previously announced closures this year.

The announcement was made as Sears Holdings released another dismal quarterly earnings report showing that it lost $251 million during the second quarter of this year.

On Thursday, Sears announced as well that it would close another 28 of its Kmart locations in 2017. The only one that will remain open temporarily is its North Miami Beach location, which will close down in mid-December.

Total revenues for the quarter declined 22.8 percent to $4.37 billion from $5.66 billion in the prior-year period.

Sears continued to struggle in its second quarter with declining sales amid heightened competition.

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Excluding items, adjusted loss for the quarter was $1.16 per share, compared to loss of $2.03 per share in the prior-year quarter.

More than 300 Sears and K-Mart locations across the US have either closed or plan to close this year. Comparable store sales declined 11.5%.

It "strikes me more as good store hygiene rather than a foreshadowing of another round of mass closures", said Greg Portell, lead partner in the retail practice of A.T. Kearney, a global strategy and management consulting firm. "The comprehensive restructuring of our operations is delivering cost efficiencies helping drive improvements to our operating performance". The stock has fallen 46 percent in the last 12 months.

Another local store is closing its doors. The chain of department stores has trimmed its portfolio of real estate, cut costs and seeks more liquidity.

Sears said it expects the launch of its Kenmore brand products on Amazon.com will significantly expand the reach of the brand.

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