Sears Is Closing Another 72 Stores as the Company Clings to Life

Sears plans to close another 72 stores as sales continue to plunge	 	 	 			File image

Sears plans to close another 72 stores as sales continue to plunge File image

However, in November 2017, the company announced it was closing 63 Sears and Kmart stores by late January 2018, which included the Sears in Tuscaloosa and Kmart in Albertville. It operates five other Kmarts on the Island, in addition to the West Babylon store that will close.

The Topeka closing leaves Wichita as the only Kansas city with a traditional Sears department store. Sears has a few years left on its Tacoma Mall lease, according to Simon Property Group, the Indiana-based company that owns the mall. The company has lost more than $11.2 billion since 2010, its last profitable year. Sears Holdings said a group of stores was pulled from the original list and "are being evaluated further".

Sears also has made deals with Amazon.

Sears Holdings Corp. kicked off another fiscal year with declining sales from a dwindling number of stores, and more closings are on the way.

The exact closing date and start of liquidation sales was not announced, but the company indicated they could begin by June 14.

"In a challenging quarter, we continued to focus on our strategic transformation, identifying additional opportunities to streamline operations and adjust inventory and operating expenses while staying focused on our best members, best categories and best stores", CEO Edward S. Lampert told shareholders on Thursday.

The net loss attributable to the company was $424 million, or $3.93 per share, in its fiscal first quarter, ended May 5, compared with a profit of $245 million, or $2.29 per share, a year earlier.

Sears is also exploring the sale of its Kenmore brand.

The 125-year old company has closed almost 400 Sears and Kmart locations over the past 12 months.

The closures will leave New Jersey with 34 Sears and 15 Kmart locations.

As online retail sales have boomed, Sears has announced a string of mass store closures - including back in 2011, when it said it would shutter more than 100 Kmart and Sears locations. Revenue was down 30 percent from a year ago but was mostly in-line with consensus analyst estimates of $2.86 billion.

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