Sears to close another 72 stores as sales plunge

Sunday, 03 Jun, 2018

On May 5, there were 529 Sears stores and 365 Kmarts in the United States and two USA territories - Puerto Rico and the Virgin Islands, a company spokesman said.

Despite aggressively closing its worst-performing Sears and Kmart locations in recent years, same-store sales tumbled 11.9 percent in the first quarter after falling 15.6 percent in the previous quarter. In the same quarter a year ago, Sears posted earnings per share of $2.29 on revenues of $4.2 billion.

Even though the current retail environment is hard for many retailers, Sears' performance has been much worse than its rivals. Sales have fallen for more than six straight years, despite efforts to revamp stores, stock more mattresses and appliances, and partner with sites such as Amazon.

Earlier on Thursday, the retailer announced that it would close 72 stores but, pulled nine stores from the list that will also be evaluated further.

Shares are down more than 3 percent before the opening bell.

Kmart has stores in West Covina, Temple City and Burbank.

Sears, the struggling department store giant that's been shuttering stores for years, just announced a new round of store closures-and it's a doozy. The retail property is owned by Jericho-based Elias Properties.

NEW YORK (AP) - Sears will close over 60 more stores as sales shrink and losses grow, an announcement that has become a familiar refrain as the company retrenches.

Sears has closed locations in Toms River, Watchung and Vineland in the past two years.

In total, the company says it found 100 of its stores to be unprofitable.

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

In a statement, the company said the locations were chosen from a list of 100 non-profitable stores.

In April, Lampert proposed that ESL Investments purchase Sears' Kenmore brand, its home-improvement business, its Parts Direct division, and some of the company's real estate.

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