Sears to close another 72 stores as sales plunge

01 June, 2018, 22:39 | Author: Ethel Goodwin
  • Sears plans to close another 72 stores as sales continue to plunge	 	 	 			File image

"We continue to evaluate our network of stores, which are a critical component in our transformation, and will make further adjustments as needed and as warranted", the company said in a press release.

Sears Holdings Corp (SHLD.O), the one-time American retail giant, said on Thursday it plans to shutter another 72 locations to stem losses in the face of deepening financial distress and reported a almost 12 percent drop in quarterly comparable-store sales. That marks the more than five years of straight quarterly sales drop, according to FactSet. Employees at the 63 Sears and Kmart stores being closed had been notified of that decision, and the stores would close by September 2018, the announcement said.

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. "By diminishing the quality of the in-store experience, Sears has basically trained consumers to avoid going inside". And Kenmore, the retailer's renowned appliance brand, became the latest potential sale after ESL Investments, the company's largest shareholder, headed by Lampert, said it might be interested in buying it.

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.

Shares of Sears tumbled another 3% on the results in premarket trading.

On Thursday, executives said they were looking into selling the retailer's Kenmore brand of appliances, which has been one of the bright spots in the company's performance. The results from the year-ago quarter included a $492 million benefit related to the sale of Craftsman.

Shares of Sears Holdings Corp., based outside of Chicago in Hoffman Estates, Illinois, fell more than 4 percent before the opening bell Thursday.



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