Sears to Shut 72 Additional Stores as Quarterly Comparable Sales Fall

by Wade Massey June 1, 2018, 5:08
Sears to Shut 72 Additional Stores as Quarterly Comparable Sales Fall

Sears will close another 72 stores as sales shrink and losses grow, an announcement that has become a familiar refrain as the company retrenches.

In previous closure decisions, locations in the New Orleans area that have been closed or slate for closure include the Kmart in Elmwood and the Sears at Oakwood Shopping Center in Gretna.

The stores are among 72 additional stores that Sears said aren't profitable. The only K-Mart stores remaining in Iowa are Algona, Charles City, Cherokee, Council Bluffs, Oelwein and Webster City.

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

"As we've stated before, our top priority is to return to profitability", Rob Riecker, the company's chief financial officer, said in a Thursday earnings call. "Liquidation sales will begin as early as June 14 at these closing stores".

Here are the New Jersey locations that will being closing sales "in the near future". CEO Edward Lampert called it a "challenging quarter".

The lower sales resulted in a $424 million loss for Sears Holdings, the holding company that owns by Sears and Kmart.

Sears has been closing stores on Long Island for years, the latest a location in Hicksville it shut down in April.

There are other Sears in the Valley at Paradise Valley Mall and Desert Sky Mall in Phoenix, Arrowhead Towne Center in Glendale and Chandler Fashion Center.

The company also has announced plans to sell its Kenmore line of appliances and partner with Amazon.com to sell tires in an effort to stay afloat financially. It earned US$245 million, or US$2.29 per share, a year earlier, a quarter that included a US$492 million gain tied to the sale of the Craftsman brand.

Shares of Sears are down 4.36% in premarket trading to $3.07.


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