Sears to close another 100 stores as sales plunge

Sears to close another 100 stores as sales plunge

Sears to close another 100 stores as sales plunge

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.

Sears Holdings announced Thursday it had identified about 100 stores that are no longer profitable and would close a majority of those locations.

Sears Holdings earlier in the day had reported a net loss of $424 million for the first quarter of 2018.

Even though the current retail environment is hard for many retailers, Sears' performance has been much worse than its rivals. Of this, 72 stores will begin store closing sales "in the near future".

Sears initially announced that 72 more stores would close but pulled several from the list for further evaluation, the company announced in a news released.

The Sears location at the Fashion Square Mall in Saginaw will remain open. But he is also quick to point out that with recent Toys "R" Us and Carson's store closures, there are plenty of large spaces vacant and available.

CBS 2's Dorothy Tucker has the story outside a Sears store in Vernon Hills.

The 63 affected stores are among 100 nonprofitable Kmart and Sears stores, according to the Hoffman Estates, Illinois-based retailer.

Shares of Sears Holdings Corp. fell more than 12 percent, or 40 cents, to close at $2.81 a share Thursday.

At almost the same time, Lampert's hedge fund, ESL Investments, claims to have received many inquiries from "potential partners" in response to ESL's suggestion to the Sears board that the company consider selling its Kenmore brand, among other assets. "Following is a list of the impacted stores".

Earlier in May, the company formed a special committee to explore the sale of its Kenmore appliances brand, home improvement products and parts direct business. Amazon began selling Sears's Kenmore brand of ovens, washers and other appliances previous year.

Comparable-store sales declined 11.9 percent during the quarter, comprised of a 9.5 percent decline at Kmart and a 13.4 percent decline at Sears.

ESL Investments is the hedge fund of Sears Chief Executive Officer Edward Lampert.

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