Sears is Closing 72 More Stores

01 June, 2018, 16:32 | Author: Irvin Gilbert
  • Sears is Closing 72 More Stores

The Garden Island location is among 71 other K-Mart and Sears stores on the chopping block nationwide.

Sears, the struggling department store chain, said Thursday, May 31, it would close another 72 Sears and Kmart stores as sales plummeted, continuing the decline of what was once the country's largest retailer. But, when the names were announced, the company said some stores were pulled off the closing list "as they are being evaluated further".

It's unknown how many employees will be out of a job, but impacted employees will receive severance pay.

Sears will shutdown their location at the Chesterfield Mall as well as their location at South County Center. The company has lost more than $11.2 billion since 2010, its last profitable year.

The list of store closings was announced Thursday.

Shares of Sears tumbled another 13% on the results in afternoon trading.

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The one-time powerhouse retailer that survived two world wars and the Great Depression has been calving off pieces of itself as it burns through money.

"The demise of Sears has felt like a prolonged, drip, drip, drip", said Mark Hamrick, an analyst for Bankrate.com.

Chairman and CEO Edward Lampert, who combined Sears and Kmart in 2005 after helping to bring the latter out of bankruptcy, has long pledged to save the famed retailer, which started in the 1880s as a mail-order catalog business. Amazon began selling Sears's Kenmore brand of ovens, washers and other appliances a year ago.

Shares are down more than 3 percent before the opening bell. A year ago, the company had a $245 million profit for the first quarter of 2017, but that included $492 million Sears got from selling its Craftsman brand.

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

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