Sears moves to close more than 70 stores as sales plummet

The company informed associates at 15 Kmart stores and 48 Sears stores that the stores will close in early September.

Sears said Thursday it will be closing 72 more stores this year as sales continue to dwindle.

The company, which operates Sears and Kmart, considered closing 100 unprofitable stores, so there's no guarantee Arizona's other locations will go unscathed. It reported a net loss of $424 million, compared to a profit of $245 million the same time a year ago.

The year-ago quarter had a $492 million benefit related to the sale of Sears' Craftsman brand. While most of that decline was due to previous store closings, sales fell 12% at the stores that remained open.

Sears also has a store at the Louis Joliet Mall in Joliet that was not on the list. The retailer put up for auction the property its stores occupy at Mid Rivers Mall and South County Center.

The Garden Island location is among 71 other K-Mart and Sears stores on the chopping block nationwide.

More news: Deaths reported as Alberto makes landfall in Florida

Rob Riecker, the company's chief financial officer, said in a prerecorded call that the stores are "a critical component in our transformation".

Sears says the closings are part of ongoing efforts to streamline the company's operations and focus on its best stores.

The announcement of the Peabody store closing was expected after a developer filed plans earlier this month to build a fitness center and outdoor pool near the site of the current Sears. So far, the moves still haven't plugged the outflow of money from the company.

Sears 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.

Shares fell as much as 13 percent before the start of regular trading.

A person who identified himself as a manager at the Traverse City store, reached by telephone, referred all questions to the corporate media relations department. In a search for more cash, the company is now weighing whether or not to sell off its Kenmore and DieHard brands.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

Worst nightmare of Amazon Alexa customer comes true
Command "Alexa, send a message to (enter contact name)" and Amazon's smart assistant will follow your instructions. Danielle told KIRO 7 that the device did not tell her that it would be sending the recorded conversations.

Facebook killing controversial ‘Trending’ feature, breaking news alerts and more coming
The Facebook logo is seen at the Nasdaq MarketSite in New York's Times Square. Facebook says the trending section was never popular.

Australian grandmother Maria Exposto sentenced to death in Malaysia
Exposto's lawyer Shafee Abdullah said he was totally shocked by the reversal of the judgment, which he described as perverse. In Malaysia , anyone found guilty of smuggling more than 1.76 ounces of an illegal drug must be sentenced to death .

DHS secretary says she's unaware Russia wanted Trump to win
The report was the first piece of public intelligence issued by the U.S. government on Russian meddling. Nielsen responded as though she had never heard of the assessment before.

Andy Warhol's Magazine Is Closing Down
A magazine founded by Andy Warhol is to close business after nearly 50 years of bringing cutting edge pop culture to readers. In 2008, the publication went through another shift when co-editorial directors Fabien Baron and Glenn O'Brien took over.

Crude oil futures fall 0.31% on weak global cues
For Russia, stability is more important than a short-term significant growth in price, he said in the interview. Oil prices extended losses Wednesday morning, after weekly data showed a sharp rise in USA crude stockpiles.

Bryan Colangelo likely to be fired, report says
Someone has to pay the price for this debacle, and it looks like that someone will be Colangelo. Colangelo could soon be without a job, according to an ESPN .com report released early Friday.

Uh Oh, Things Might Not Be Looking Great for Solo
With all these factors combined, clearly for most , going to the beach or a barbecue was the better option this holiday weekend. In the run-up to opening weekend, Disney expected to pull in a four-day box office total of $130 million to $150 million.

Alberto makes historic brush up with Lake Michigan
The storm is predicted to make landfall between late Monday and early Tuesday in the Alabama Gulf Coast area, according to NHC. The eye of the storm was less than 30 miles south-southwest from Panama City, Florida.

Dem, GOP leaders to get classified briefing on Russian Federation probe
The more doubt Trump can cast about the DOJ's motives, the easier it will be to dismiss or downplay the findings of special counsel Robert Mueller .

Two US Guided Missile Destroyers Sail By Islands Claimed By China
China's military took "immediate action" on Sunday against "unauthorized" sailing by United States warships in South China Sea waters claimed by Beijing.

Brigitte Nielsen, 54, is heavily pregnant with her fifth child
The baby will be her first with her husband, TV producer Mattia Dessi , who she has been married to since 2006. When news broke of her pregnancy, Twitter was doing the most throwing shade with amusing memes and more.

Macron on GDPR: Europe should provide model for regulation
Meanwhile, the early signs are that most firms and even the regulators themselves are still not ready for GDPR's arrival. Additionally, the emails usually come with a warning that if you don't agree you may lose access to your account.

Moon to meet with Trump Tuesday
But he said he was displeased by China's softening of border enforcement measures against North Korea . Instead, the meeting is assuming a different tone for Mr.

Starbucks Shuts Down More Than 8,000 Stores For Anti-Bias Training
Which Starbucks locations are closed for racial-bias training? "It has to be a continual conversation", said Cook. The company's training included a video on uncovering implicit bias that featured rapper Common .


More News

News
More News