Following yet another downbeat set of financial results, Sears Holdings Corp. says that it’s identified 100 more unprofitable stores and will start store-closing sales in 72 of them.
The company provided a list of stores slated for closure, which includes 15 Kmart stores and 48 Sears stores. Liquidation sales at the stores will begin next month. All the stores are expected to be closed by September of this year. The full list of store closures can be seen here.
Sears Holdings, which owns both Sears and Kmart, currently numbers 894 stores.
“We continue to evaluate our network of stores, which are a critical component in our transformation, and will make further adjustments as needed and as warranted,” a statement said.
The company had previously announced that it would form a committee to explore the sale of one of its prize assets, its iconic Kenmore brand.
The news comes as Sears posted dismal sales and revenues for the first quarter of 2018. Comps sank 11.9 percent in the period (ended May 5), with a 9.5 percent decline at Kmart and a 13.4 percent decline at Sears. However, jewelry comps did rise during the period at both Kmart and Sears, the company said.
Overall, the company posted a $424 million loss for the period, compared to a $245 million profit the prior year.
This current batch of store closings is just the latest from troubled Sears Holdings, which has shuttered hundreds of stores since 2017.
It closed around 300 stores last year, and then in January, it announced it would close 103 stores in the first half of 2018.
“As we look to the remainder of 2018 and beyond, we remain committed to restoring positive Adjusted EBITDA and will continue to explore opportunities to unlock the full potential of our assets for our shareholders,” said chairman and CEO Edward Lampert in a statement.
Image courtesy of Sears Holdings Corp.
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