Sears Is Closing Another 72 Stores as the Company Clings to Life
03 June, 2018, 17:31 | Author: Elaine Woods
The full Sears closing list, which we have included below in this updated story, now consists of 63 stores (15 Kmarts and 48 Sears locations).
The closures in MI are part of the company's plan to shed 63 more unprofitable Sears and Kmart stores from its portfolio as the Illinois-based department store's downward spiral continues. In a summary of its first-quarter financial report ending May 5, 2018, Sears Holdings reported a net loss attributable to Holdings' shareholders of $424 million ($3.93 loss per diluted share) for the first quarter of 2018.
Even though the current retail environment is hard for many retailers, Sears' performance has been much worse than its rivals. Liquidation sales at Sears and Kmart stores reportedly start as soon as mid-June.
Shares of Sears Holdings Corp., based outside of Chicago in Hoffman Estates, Illinois, fell more than 4 percent before the opening bell Thursday. At its peak in the 2000s, there were 3,500 Sears stores and 2,171 Kmart locations throughout the country.
Kmart has stores in West Covina, Temple City and Burbank.
Sears Holdings Corp. has announced that more closings are on the way, after shuttering almost 400 stores over the past year due to poor sales.
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The closures will affect its clothing and home stores, which have under-performed for several years. It has also scaled back the number of Simply Food stores it planned to open this year by 15.
The Tampa locations are among 63 stores closing nationwide by September.
Sears closed its store in the Enfield Square Mall two-and-a -half years ago.
Officials said eligible employees impacted by the store closures will receive severance and have the opportunity to apply for open positions at other Kmart or Sears stores.
Altogether, it appears as if Sears Holdings could be closing roughly 275 Sears and Kmart stores this year.
"Our top priority is successfully executing our transformation to return to profitability and remain a competitive retailer for years to come", said Riecker, despite a "challenging" first quarter. Amazon began selling Sears's Kenmore brand of ovens, washers and other appliances a year ago.
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