Sears to Close 72 Unprofitable Stores

01 June, 2018, 04:58 | Author: Miranda Cannon
  • Sears closing 72 more stores as sales plunge

Sears Holdings Corp.is planning to close four more stores in MI, including the ones at Lakeside Mall in Sterling Heights and Fairlane Town Center in Dearborn.

Sears Holdings has announced that the Kmart store in Laredo is part of its latest round of closures.

Altogether, it appears as if Sears Holdings could be closing roughly 275 Sears and Kmart stores this year.

As for Kmart, four stores remain in the Lehigh Valley - one each in Allentown, Wilson, Walnutport and Wind Gap. The Eastfield Mall Sears Auto Center will close in late June.

Liquidation sales are expected to begin June 14, and closures are expected to begin in September.

Here are the New Jersey locations that will being closing sales "in the near future".

"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.


Shares of Sears Holdings Corp., based outside of Chicago in Hoffman Estates, Illinois, fell more than 4 percent before the opening bell Thursday.

Sears leadership said in a statement the stores closing were not profitable.

The Sears department store at Seminole Towne Center mall in Sanford will close along with 62 other Sears and Kmart stores across the country.

Shares of the struggling department store operator, which have lost almost all its in the last five years, fell 10 percent to $2.89 in premarket trading.

The company had a total of 894 stores at the end of its first quarter, 381 fewer than it had at the same time a year ago. Only 12 Sears department stores will remain in MI after the closures, not counting dozens of franchised Sears Hometown 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. Last year, Sears sold its Craftsman brand to Stanley Black and Decker for $900 million.

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