Sears and Kmart Are Closing 72 More Stores

03 June, 2018, 17:32 | Author: Martin Tyler
  • Sears to close at least 72 more stores

The most recent round of closings will leave the company with 594 Sears department and specialty stores, and 609 Kmarts, according to the company.

Four Michigan-based Sears stores are included in the company's latest round of cuts, which will see 63 stores go into liquidation sales and close "in the near future".

For the first quarter, net loss attributable to Sears' shareholders was $424 million or $3.93 per share, compared to net income of $245 million or $2.29 per share in the year-ago period. Store closures contributed to almost two-thirds of the decline.

Even though the current retail environment is hard for many retailers, Sears' performance has been much worse than its rivals.

In a statement, CEO Edward S. Lampert described the quarter as "challenging".

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Sears has several locations remaining in Colorado.

Total comparable store sales for the quarter declined 11.9 percent, comprised of a 9.5 percent decline at Kmart and a 13.4 percent decline at Sears. The retailer put up for auction the property its stores occupy at Mid Rivers Mall and South County Center.

When the company posted a list on its corporate website of Sears and Kmart stores that will be closing, it did not include the Oakwood Mall anchor store or any of the company's other locations in Wisconsin.

The Sears at Macomb Mall in Roseville announced it was closing last summer, one of 265 stores nationwide to be shuttered.

The company's announcement came as it revealed more losses in its first-quarter earnings report.

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“The Sears closing presents a potential opportunity to create viable new uses both in terms of the existing retail space and the large number of parking spaces dedicated to Sears customers, ” Bahorski said in an email.

This isn't the first time Sears has sold off a brand name it made famous.

View the list of closings below.

Sears will close at least 63 more stores as sales plunge and losses mount.

On Thursday, the company announced it's getting ready to shut down dozens more across the country, some in the Chicago area.

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Rob Riecker, the company's chief financial officer, said in a prerecorded call that the stores are "a critical component in our transformation".

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