Sears to close 72 more stores, sales fell

Sears Store Door Entrance in Southcentre Shopping Mall in South Calgary with Liquidation Sale Deals due to upcoming Corporate Closure and going out of Business

Sears said Thursday that it was closing another 63 stores, on top of the more than 160 locations the company has already shuttered this year.

The Sears store in Terre Haute is not among 72 stores the company announced today it will close as nationwide sales continue to dwindle. In the meantime, the company said it has identified 100 non-profitable stores, 72 of which will be closed in the "near future". In the same quarter a year ago, Sears posted earnings per share of $2.29 on revenues of $4.2 billion. Last year, Sears sold its Craftsman brand to Stanley Black and Decker for $900 million.

Revenue at Sears Holdings fell to about $2.9 billion in the quarter from $4.2 billion in the same period of 2017, with store closures contributing to almost two thirds of the decline, the company said. The number of sales associates impacted by the closure was not available, but some of the workers will be eligible for severance pay and have an opportunity to apply for open positions at nearby stores, the company said in a news release.

These are just the latest in a list of upcoming locations set to close, Money magazine reports.

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

Liquidations sales are expected to start as soon as June 14.

The most recent round of closings will leave the company with 594 Sears department and specialty stores, and 609 Kmarts, according to the company. Amazon began selling Sears's Kenmore brand of ovens, washers and other appliances past year. Other Michigan Sears locations closing include Dearborn, Sterling Heights and Traverse City.

CEO Eddie Lampert says Sears is sticking to its plan.

The Kmart on East Busch Boulevard and the Sears at Citrus Park Mall are closing as Sears Holdings tries to stem the bleeding from its long-running sales crisis. Besides Peabody, the only other MA store in the announcement was a Sears in Springfield.

Sears also said it will at least explore selling its DieHard brand of auto parts and accessories and its home improvement products and PartsDirect businesses.

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