Kmart in Unity, Sears stores in Robinson, South Hills will close

by Ben Pena June 3, 2018, 17:34
Kmart in Unity, Sears stores in Robinson, South Hills will close

Sears Holdings on Thursday announced it will close 63 Sears and Kmart stores.

Sears is closing more stores as the company's sales continue to slide, with revenue falling more than 30%, to $2.9 billion from $4.2 billion, in the most recent quarter.

The company said the official list of stores would be released mid-day Thursday.

Eddie Lampert, the company's CEO, said the company would "continue to take hard yet necessary actions", and "closely evaluate the longer-term viability of stores where a clear path to return to profitability is not in sight".

Sears Holdings Corp., based in Hoffman Estates, Illinois, lost $424 million, or $3.93 per share, in its first quarter. The results from the year-ago quarter included a $492 million benefit related to the sale of Craftsman.

Sears will close at least 63 more stores as sales plunge and losses mount.

Many will be searching for work after a retail giant announced plans to close nearly 100 stores.

In January, the retailer announced it was closing 103 stores, including the store at Orland Square Mall.

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Sears Holding's CEO and chairman said it had been a "challenging" quarter but that it remained optimistic.

Sears said comparable-store sales at both Kmart and Sears grew in several categories, including apparel, footwear and jewelry.

Sears at Lakeside Mall in Sterling Heights will close its doors for good later this year after 42 years in the community, the big box retailers parent company said Thursday.

Furthermore, Sears used to be a goliath in appliance sales, but other large retailers, such as Home Depot and Lowe's, compete strongly in that area now, Saunders said.

Sears has suffered from the same negative factors that have affected department stores and brick-and-mortar retail in general, but it has also faced unique challenges.

Sears is also exploring the sale of its Kenmore brand.

"It's tough for the employees, but I don't think anybody is terribly shocked", Peabody state Rep. Tom Walsh said. A Portland Kmart was the only other Northwest store listed in this wave of closures.

Sears has not yet announced which stores will close.

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