Economy

Sears and Kmart Are Closing 72 More Stores

Sears and Kmart Are Closing 72 More Stores”

Sears Holdings said it has identified 100 stores that no longer are profitable and 72 of those are on the list of closings.

On Thursday, Sears Holdings announced they would be closing 72 locations. A year ago, the company had a $245 million profit for the first quarter of 2017, but that included $492 million Sears got from selling its Craftsman brand.

"The Company generated total revenues of approximately $2.9 billion during the first quarter of 2018, compared with revenues of $4.2 billion in the prior year quarter, with store closures contributing to almost two thirds of the decline", Sears reported Thursday morning.

Merchandise sales fell 34 percent last quarter to $2.2 billion, according to the report.

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

This isn't the first time the retailer has announced a list of closings this year.

In the Triangle, Sears stores and automotive centers anchor Crabtree Valley Mall and Triangle Town Center in Raleigh and the Streets of Southpoint and Northgate Mall in Durham.

Big box retailers such as Sears have been hit hard in recent years.

On Thursday, it had announced that three stores in the state will close but, none of them are in central Pennsylvania.

Liquidation sales will begin as early at June 14 at the closing stores.

Sears has stores in Auburn, Braintree, Brockton, Cambridge, Fall River (outlet), Hanover, Holyoke (both an outlet and a store), Hyannis, Leominster, Marlborough, Natick, North Attleboro, North Dartmouth, Peabody, Saugus, Shrewsbury (outlet), Springfield and Taunton. Revenue, meanwhile, dropped more than 30 percent to $2.89 billion.

The Peabody store is one of 63 that will be shut down in the latest round of closures by the beleaguered retailer, which operates Sears and Kmart stores.

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



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