Why Sears Is Closing Another 72 Stores

Sears Prepares for More Store Closings as Revenue Slumps

Sears Prepares for More Store Closings as Revenue Slumps

The latest round of closures - which will begin in early September - includes more than a dozen Kmart locations, as well as Sears stores in Atlanta, Indianapolis and Tampa.

The company, which operates Sears and Kmart, considered closing 100 unprofitable stores, so there's no guarantee Arizona's other locations will go unscathed. Sears said the company will post a list of the store closings later today with liquidation sales coming soon.

The company reported losing $424 million in January through March while revenue fell to $2.9 billion, down from $4.2 billion during the same time period a year ago. In the first quarter of 2017, it had reported a net gain of $245 million, but that figure included a gain of $492 million realized from the 2017 sale of the Craftsman brand to Stanley Black & Decker.

The company says its overall store sales fell 11.9 percent for the quarter - including a 13.4 percent decline at Sears stores.

A full list of stores closing can be found here.

The Eastfield Mall's owners, New Jersey's Mountain Development, have said their plan is to "demall" the property on Boston Road, demolishing most of the buildings and replacing it with a mixed-use housing, shopping, dining and office complex.

Such a deal would infuse the debt-laden company, which also runs Kmart discount stores, with at least $500 million cash, helping it remain in business.

However, Sears noted that while total comparable store sales declined, it experienced positive comparable store sales at both Kmart and Sears in several categories, including apparel, footwear and jewelry.

Hit by plunging sales and a first-quarter loss, Sears said it will close another 72 stores.

In this Thursday, March 29, 2018, photograph, the sign hangs over a set of doors leading to a Sears store in Littleton, Colo.

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.

"I'm astonished", said Sears shopper Nancy Boren.

The retailer is also closing a Kmart store in Laredo.

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