Sears is closing 63 stores as sales tumble - here's the full list

Jun 03, 2018, 17:32
Sears is closing 63 stores as sales tumble - here's the full list

Sears Holdings announced it would close 72 stores Thursday morning, May 31 but reduced that number to 63 closures after deciding to evaluate nine locations before making a decision.

Total comparable store sales for the quarter declined 11.9 percent, comprised of a 9.5 percent decline at Kmart and a 13.4 percent decline at Sears.

The closures in MI are part of the company's plan to shed 63 more unprofitable Sears and Kmart stores from its portfolio as the Illinois-based department store's downward spiral continues.

The 72 stores were among 100 Sears identified that are no-longer turning a profit. In a summary of its first-quarter financial report ending May 5, 2018, Sears Holdings reported a net loss attributable to Holdings' shareholders of $424 million ($3.93 loss per diluted share) for the first quarter of 2018. The results from the year-ago quarter included a $492 million benefit related to the sale of Craftsman. Revenue fell more than 30 percent to $2.89 billion.

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In a statement, the company said the locations were chosen from a list of 100 non-profitable stores.

The Eastfield Mall's owners, New Jersey's Mountain Development, have said their plan is to "demall" the property on Boston Road, demolishing most of the buildings and replacing it with a mixed-use housing, shopping, dining and office complex.

A Sears Hometown store still is in operation on Avenue of the Cities in Moline, but the SouthPark Mall location closed in 2013.

The stores will join the hundreds nationwide that the struggling retailer has closed in recent years. Sales have fallen for more than six straight years, despite efforts to revamp stores, stock more mattresses and appliances, and partner with sites such as Amazon.

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Two more regional stores under Sears Holdings, both of them in Tampa, are in the latest round. So far, the moves still haven't plugged the outflow of money from the company.

The company announced recently that shoppers could buy any brand of tires on Amazon.com, have them shipped to a Sears Auto Center and then bring in their vehicle to get them installed.

It will also close its Peabody store in July.

Sears for years has been selling off some of its real estate under sale-leaseback agreements.

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