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".

Like this



02 June 2018
Japan urges caution on any North Korea agreement
He becomes only the second North Korean official to meet with a sitting United States president, reports the New York Times . He was likely granted a temporary waiver to travel to NY , and further approval would be required to travel to Washington .

02 June 2018
Canadian PM Justin Trudeau Responds to Trump’s Steel Tariffs: ‘This is Insulting’
There are more than 120,000 vehicle-assembly and auto-parts jobs, compared with about 30,000 in the steel and aluminum sectors. A resolution on NAFTA now looks increasingly remote, with the Mexican election looming July 1 and US midterms in November.

02 June 2018
Summit with Kim is back on for June 12, says Trump
In this way, the video is an unusual admission of the poor state of North Korea's economy and the helplessness of its leadership. North Korea's nuclear weapons programme has made significant advances in recent years and poses a threat to the United States.

02 June 2018
Cyclist threatens driver with knife after accidental collision
He then makes his way over to the other side of the auto and starts flaying the knife at the passenger window until it smashes. Brandishing the knife, he kicks the vehicle and slashes at the windows while the driver remains inside the vehicle.

02 June 2018
BBC announces live Ultra HD, VR trials for World Cup
Viewers will need an internet connection of at least 40 Mbps for the full 3840 pixel Ultra HD image or 20Mbps for 2560 pixel UHD. The BBC is at pains to make clear that this is a trial, done with a view to "optimise UHD delivery in the future".

02 June 2018
Trump appears to comment on jobs report before its official release
So, 69 minutes before anybody was supposed to know what was in this morning's jobs report, Trump signaled that it would be good.

02 June 2018
Reason Why Middle-Aged Men Should Limit Their Protein Intake
After that, the scientists watched them for 22 years, during which 330 participants were diagnosed with heart failure. For this study, the researchers divided the men into four groups based on their daily protein intake.

02 June 2018
Lakers Not Believed To Have LiAngelo Ball In Their Plans
On one side of one court, Lonzo , the Balls' agent Harrison Gaines, and Lonzo's manager and good friend Darren Moore watched. However, his father, LaVar, has made it clear that he wants all three of his sons to play together in Los Angeles.

02 June 2018
Netflix Releases Trailer for Their First Comic Book ‘The Magic Order’
The Magic Order is undoubtedly Millarworld's biggest debut till date. "We love the idea of making this genuinely sought after". Here, five families of magicians are sworn to protect an embattled world from an enemy that's picking them off.

02 June 2018
Giuseppe Conte to be sworn in as Italian prime minister
The government will face confidence votes in both houses of parliament next week, and is expected to win them. Head of the 5-Star Movement Luigi di Maio , and League chief Matteo Salvini will take key ministerial posts.