Sears to close another 72 stores as sales plunge

Sears Prepares for More Store Closings as Revenue Slumps

Tacoma will say goodbye to its Sears store at the Tacoma Mall in early September.

Sears is closing another 72 stores after reporting a first-quarter losses and plunging sales. Sears Holdings announced the closures in its quarterly results released on Thursday, in which it reported total revenues of approximately $2.9 billion - down from $4.2 billion in the same quarter a year ago. Sears is also looking to sell its Kenmore brand in an effort to raise some ready cash after selling off its Craftsman brand previous year.

Shares of the struggling department store operator, which have lost almost all its in the last five years, fell 10 percent to $2.89 in premarket trading.

Same-store sales during the period dropped 13.4% at Sears stores and fell 9.5% at Kmart. [Full list here.] Workers at those stores will receive severance pay and can apply for openings at other nearby Kmart or Sears stores, according to the company. So at this point, 275 stores could be set to close this year.

The chairman and CEO of Sears Holdings is hedge fund manager Eddie Lampert, who is also both the company's biggest investor and a major lender.

The liquidation sales will start on June 14.

The nearest locations that will be closing are in Minnesota - a Sears store in Brooklyn Center and a Sears and a Kmart store in Duluth. The Davenport Sears is one of two in Iowa that are on the list.

The retailer said in a statement that it plans to take further action "with respect to certain near-term maturities of our debt, including through repayments, refinancings and extensions".

In April, Lampert proposed that ESL Investments purchase Sears' Kenmore brand, its home-improvement business, its Parts Direct division, and some of the company's real estate.

The company 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. On Thursday, its shares plunged by more than 12 percent to $2.81. The chain now only has two Sears stores in the region - at Chesterfield Towne Center and Virginia Center Commons in Henrico.

It also has Hometown Stores in 16 other Kansas cities.

Related News:



Most liked

Kanye shot his new album cover with an iPhone
She's just in the stage of 'but I love him!' Until then, let her pretend he's changed and they'll be a happy family. If he'd hewn closely to the 4:44-esque model of reconciling with his fans, he might have had something.

Italian anti-establishment leaders resurrect coalition
Italian president Sergio Mattarella addresses the media after meeting Italy's premier-designate Giuseppe Conte in Rome on Sunday. Born in the southern region of Puglia, Conte lives in Florence where he teaches civil law at the University of Florence.

Montana spellers fall short in national bee, but make impression
Those spellers remained ideal for a round before Navneeth Murali, 12, of Edison, N.J., spelled incorrectly "gelinotte". The bee started with 512 spellers, who took a written exam and spelled a word on stage Tuesday, May 29.

National Football League owners said Trump influenced anthem protest talks
More than 200 players protested during the anthem that weekend before the number of protesters dwindled as the season progressed. Both have filed grievances against the League stating that team owners colluded against them to keep them unemployed.

Putin foe Bill Browder arrested in Spain, nobody can explain why
Spanish authorities confirmed that the anti-corruption activist was arrested in Madrid, but had since been released . British MPs have also backed sanctions against people guilty of human rights violations in memory of Magnitsky.

NBA Finals 2018: Under-the-radar players to watch for Cavs-Warriors
They will annoy the man as much as they can, and in the process, they will save Klay Thompson and Green a foul or two. The Golden State Warriors and the Cleveland Cavaliers will meet in the NBA Finals for the fourth straight season.

Scheer joins Moe in lashing Liberals over Trans Mountain purchase
Finance Minister Bill Morneau said the government would acquire the troubled pipeline expansion project on Tuesday. But he said Ottawa's decision to step in doesn't change the Tsleil-Waututh's opposition to the project.

Flash Floods Devastate Ellicott City in Maryland
Monday after officials searched the area where he was taken away by floodwaters, but couldn't find the 39-year-old. Two people died, hundreds of vehicles were damaged and several buildings were destroyed in the July 2016 incident.

Hogs selected as regional host
If they advance through this regional they'd travel to Fayetteville for a super regional hosted by Arkansas. The Tigers, who haven't hosted since 2010, were not one of the 16 Regional hosts announced Sunday evening.

Alberto bringing scattered storms and gusty winds to the area
Steady weakening is expected after landfall, and Alberto is forecast to become a tropical depression by Monday night or Tuesday. In a tropical storm or hurricane, the deeper storms and the stronger winds are located very close to the storm's center.

Rice's nutritional value decreases in higher Carbon dioxide concentrations
The research was conducted in Japan and China where they held experiment on 18 different types of the crop between 2010 and 2014. That knowledge gives researchers an opportunity, given enough funding, to breed climate change-resistant strains of rice.

Fired-up LeBron James sees Cleveland home to level Eastern Conference finals
Love, who missed a March 28 game at Charlotte with a concussion, immediately raised his left arm as if to signal he needed help. James, who battled fatigue in Wednesday's game five loss, played an incredible 46 of a possible 48 minutes in the game six win.

"Unplug your Alexa devices right now. You're being hacked".
However, Danielle and her husband were not given any specifics on what caused the Alexa issue in the first place. The woman is reportedly now seeking a full refund from the company for her smart speaker devices.

M&S store closure costs result in 62% annual profit plunge
However, shares in M&S were up 4.5% at 304.90 pence on Wednesday, having hit a high of 311.00p earlier in the session. It is just one of a few United Kingdom high street giants who have announced store closures and job cuts.

Will Smith to Perform Official Anthem for 2018 FIFA World Cup
The song will hit streaming platforms on Friday (May 25) while the FIFA World Cup begins in Russian Federation on June 14. Reggaeton producer DJ Nelson first hinted at the news with Vibe , before further confirmation came in.