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Sears to Shut over 100 Stores Across the US
Jan 7, 2018 4:25 AM
By Rapaport News
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RAPAPORT... Sears Holdings will close 103 stores across the US in March
and April, the company announced Thursday.
The group has told employees it is closing 64 Kmart stores
and 39 Sears branches, with liquidation sales beginning at the affected
locations in early January, the retailer said. Pennsylvania, where 10 Kmart and
three Sears stores will shut down, took the hardest hit.
Sears “will continue to rightsize our store footprint in
number and size,” the company said. “In the process, as previously announced,
we will continue to close some unprofitable stores as we transform our business
model so that our physical store footprint and our digital capabilities match
the needs and preferences of our members.”
The retailer’s revenues fell 23% to $12.33
billion in the nine months ending October 28, 2017, though its net loss also dropped,
amounting to $565 million compared with $1.61 billion a year earlier.
Image: Sears Holdings
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Tags:
Kmart, liquidation, Rapaport News, retail, sears, sears holdings
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