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Sears Closing Another 63 Stores from List of 100 Unprofitable Locations
Hoffman Estates, IL-based Sears Holdings plans to close 63 stores following another quarter of losses and slowing sales. The stores are part of a group of 100 unprofitable Sears and Kmart stores the retailer identified for possible closure.
As a result of the latest round of closures, Sears will be left with roughly half the number of stores it had two years ago. The company is closing 15 Kmart stores and 48 Sears stores in early September 2018. Liquidation sales will begin as early as June 14.
The company’s Chief Financial Officer, Rob Riecker, noted in a recorded statement on the company’s Q1 results that the move was a “difficult, but necessary” action.
In the year leading up to Feb 3, the company had closed 303 Kmart and 123 Sears stores, while shedding more than 50,000 jobs. As of May 5, Sears Holdings Corp. had 529 Sears stores and 365 Kmart stores.
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