Sears, Kmart to close 72 stores in near future
- Author: Kyle Peterson Jun 01, 2018,
Jun 01, 2018, 2:33
Sears announced it will close at least 72 stores after reporting a $424 million first-quarter loss. When the store closes in early September, only two Kmarts will remain in Colorado, one in Pueblo and the other in Loveland.
It will also close its Peabody store in July.
FBN's Jeff Flock on Sears closing its last store in Chicago.
"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. For instance, a North Babylon location it closed in 2012 on Deer Park Avenue is now occupied by arts and crafts chain Michaels.
See the full list of closures released Thursday here.
The department store operator has been trying to transform its business as foot traffic at brick-and-mortar stores declines and online shopping gains popularity.
Sears Holdings Corp. kicked off another fiscal year with declining sales from a dwindling number of stores, and more closings are on the way.
The chain has closed nearly 450 locations in recent years.
Revenue fell 31.2 percent to $2.89 billion in the reported quarter. It say each store placed on the list is identified as non-profitable. But Sears has lost about $11 billion since 2012. At its peak in the 2000s, there were 3,500 Sears stores and 2,171 Kmart locations throughout the country.
The company is considering divesting Kenmore, its white-label products brand, after recently signing a deal to sell the products on Amazon.
Sears has tried to sell those brands and businesses before.