Sears, Kmart to close 72 stores in near future

01 June, 2018, 00:50 | Author: Heather Diaz
  • Sears to close at least 72 more stores

Sales have fallen for more than six straight years despite efforts to revamp stores, stock more mattresses and appliances, and partner with sites like Amazon.

Liquidation will begin as early as June 14.

The location of the stores to be closed was announced Thursday afternoon.

Sears added it plans to provide a list later in the day of the locations set to close next. The stores posted a first-quarter loss of $3.93 a share. The Summit store will close to the public in August.

Sears is closing 72 Sears and Kmart stores. Jeff Braun said he was reminded of that recently when he found and used his grandfather's 70-year-old Sears table vise.

Chief Executive Officer Edward Lampert has been striving to revive the company by closing unprofitable stores and selling or spinning off assets like its Lands' End clothing unit.

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And the retailer says it will continue to evaluate its network of stores, and will make further adjustments as needed and as warranted.

The latest closings underscore the deep-rooted problems at Sears, which was once a one-time powerhouse retailer that survived two world wars and the Great Depression but has been calving off pieces of itself as it burns through money.

Shares of Sears Holdings Corp. fell more than 12 percent, or 40 cents, to close at $2.81 a share Thursday.

In addition to shedding its real estate, Sears now has an independent committee evaluating a deal where the company would sell some of its other assets, including the Kenmore brand, to Lampert's hedge fund, ESL Investments.

The arrangements between Sears and Lampert's businesses - which also include Seritage Growth Properties, a real estate investment trust that in some cases has effectively become Sears's landlord - have raised concerns among shareholders. The company previous year said there were doubts about its ability to continue as a going concern.

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