Aug 24, 2018
Sears to close 46 stores in November
Aug 24, 2018
It’s a tough time for retail and especially for Sears Holdings Corp. who is pulling the plug on more retail locations.
The department store operator announced Thursday that it will close 13 Kmart stores and 33 Sears stores by November. The 46 store closures will take place across the U.S.
The news follows previously reported plans to close hundreds of other locations. The company said in January that it would close 100 stores and again, another 100 store closings were announced in May.
"We continue to evaluate our network of stores, which is a critical component to our integrated retail transformation, and will make further adjustments as needed," the company said in a news statement.
Liquidation sales will take place at the closing locations as of next week.
Sears currently operates over 800 stores compared to the end of last year where they operated about 1,000.
The company has been streamlining its operations to focus on its best performing stores.
Sears has also been exploring options to sell its Kenmore appliance brand and divisions of its home services business as a way to raise money, particularly a bid from Lampert's hedge fund, ESL Investments, to buy Kenmore from Sears for $400 million, and its Sears Home Services division for between $70 million and $80 million.
The company has previously sold its Craftsman brand.
In its last reported quarter, the company reported a net loss of $424 million ($3.93 loss per diluted share). Total revenues were $2.9 billion during the first quarter of 2018, compared to revenues of $4.2 billion reported in the prior year quarter.
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