Sears to close another 72 stores as sales plunge

Surrendering Stores       Sears and Kmart stores now number less than 1,000              Source Company filings Bloomberg
Surrendering Stores Sears and Kmart stores now number less than 1,000 Source Company filings Bloomberg

03 June, 2018

The Davenport Sears is one of two in Iowa that are on the list.

Sears had previously unveiled plans to close 103 Kmart and Sears stores earlier this year. Comparable sales fell by 11.9%, accounting for about 22% of the decline in top-line sales, with store closures accounting for most of the rest, according to the company's earnings report. This includes exploring third-party partnerships involving several of our businesses - such as Sears Home Services, Innovel, Kenmore and DieHard - and gaining further momentum around our new smaller store formats that blend brick and mortar and online experiences.

"While we had a challenging first quarter, we remain focused on improving our financial performance and enhancing our liquidity", Sears Chief Executive Officer Eddie Lampert said.

The former retail giant reported a $424 million first-quarter loss and has identified at least 100 non-profitable stores.

Sears is the second anchor store NorthPark Mall has lost in the past few months, after Bon-Ton announced it is closing stores nationwide this summer, including the Davenport Younkers. The next closest is in Bradenton.

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Sears also has made deals with Amazon.

The company said it will close 72 stores as a part of its "ongoing efforts to streamline the company's operations". In January 2016, there were 705 Sears locations and 941 Kmarts.

These closures would come on the heels of the company's decision to shutter well over 100 stores in 2016 and roughly 150 stores in 2017. Sears Holdings announced the closures in its quarterly results released on Thursday, in which it reported total revenues of approximately $2.9 billion - down from $4.2 billion in the same quarter a year ago. Store closures contributed to almost two-thirds of the decline.

Sears Holdings Corp. kicked off another fiscal year with declining sales from a dwindling number of stores, and more closings are on the way. "Sears is really a real estate company". It began opening retail storefronts in the 1920s.

'We believe these initiatives, among others, will help us to strengthen the Company and better position it for the future, ' he said.

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