Markets

Sears, Kmart announces more store closures

Sears, Kmart announces more store closures

First quarter sales were $2.9 billion, compared with $4.2 billion a year earlier, Sears said. Revenue was down 30 percent from a year ago but was mostly in-line with consensus analyst estimates of $2.86 billion.

Even though the current retail environment is hard for many retailers, Sears' performance has been much worse than its rivals.

Beyond e-commerce, a multitude of factors including shifting shopping patterns and habits by an ever-changing consumer base have contributed to hurting Sears store sales, says Rick Scardino, a principal with the Chicago office of Lee & Associates.

In a statement, CEO Edward S. Lampert described the quarter as "challenging".

The company, which operates Sears and Kmart, considered closing 100 unprofitable stores, so there's no guarantee Arizona's other locations will go unscathed.

The figure represents about 8 percent of Sears' remaining stores. Besides Peabody, the only other MA store in the announcement was a Sears in Springfield.

The latest round of closures - which will begin in early September - includes more than a dozen Kmart locations, as well as Sears stores in Atlanta, Indianapolis and Tampa. He's the retailer's biggest shareholder and has been using his own money for years to keep the 125-year-old chain open.

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The full list of store closings can be found here.

NEW YORK (AP) - Sears will close over 60 more stores as sales shrink and losses grow, an announcement that has become a familiar refrain as the company retrenches.

The company said it had identified about 100 nonprofitable stores overall, which included the 63 set to be shuttered in the "near future".

Sears previously announced 166 store closings that took effect this year, but the company has been quietly closing additional stores over the past several months, as Business Insider has previously reported.

Sears will close at least 63 more stores as sales plunge and losses mount. The company will provide a list of the 72 stores later today.

The sale of Kenmore would be part of a broader effort by Sears to sell off its successful brands.


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