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Sears is closing 63 more stores

Sears will close at least 63 more stores as sales plunge and losses mount.The ...

Posted: Jun 1, 2018 4:04 AM
Updated: Jun 1, 2018 4:04 AM

Sears will close at least 63 more stores as sales plunge and losses mount.

The list of store closings was announced Thursday. Sears said it identified 100 non-profitable Sears and Kmart stores and picked 63 for closure "in the near future."

The company closed nearly 400 stores during the past 12 months, and now has a total of 894 left, including the 63 slated for closure. The two chains had a total of 3,500 US stores between them when they merged in 2005.

The company initially announced plans Thursday to close 72 stores, but pulled back slightly and released a list of only 63 stores slated for closing - 48 Sears stores and 15 Kmart stores, spread across 29 states. The company said the nine additional stores that it initially planned to announce would close will be evaluated further.

Related: Sears lists the 63 stores it's closing

Sears said overall revenue fell 31% in the three months ending May 5. While most of that decline was due to previous store closings, sales fell 12% at the stores that remained open.

The lower sales resulted in a $424 million loss for Sears Holdings, the holding company that owns by Sears and Kmart. The company has lost more than $11.2 billion since 2010, its last profitable year.

Sears is looking to sell its Kenmore appliance brand in an effort to raise cash, after selling off its Craftsman tool brand a year ago.

Shares of Sears tumbled another 13% on the results in afternoon trading.

Minnesota Coronavirus Cases

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Confirmed Cases: 142311

Reported Deaths: 2472
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Ramsey14726372
Dakota10271139
Anoka9344155
Washington636273
Stearns625550
Scott360436
Olmsted340230
St. Louis325874
Wright273116
Clay252944
Nobles234318
Blue Earth21147
Carver18887
Sherburne183122
Kandiyohi18215
Rice170210
Mower154518
Winona133619
Chisago11562
Crow Wing114322
Benton103311
Lyon10306
Beltrami9618
Otter Tail9508
Waseca94510
Todd8967
Polk8364
Morrison8259
Steele8013
Itasca78817
Douglas7744
Nicollet77118
Freeborn7185
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Goodhue65111
Martin62618
Becker6214
McLeod6214
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Pine5770
Carlton5092
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Cass4225
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Unassigned23853
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Jackson2211
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Aitkin1982
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Pope1680
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Lac qui Parle1453
Wilkin1454
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Lake1330
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Grant1054
Red Lake822
Traverse590
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Lake of the Woods441
Cook190

Iowa Coronavirus Cases

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Confirmed Cases: 122218

Reported Deaths: 1691
CountyConfirmedDeaths
Polk19732289
Woodbury743799
Linn6038133
Johnson602431
Black Hawk5974102
Dubuque550658
Scott487343
Story411118
Dallas357347
Pottawattamie337845
Sioux254417
Buena Vista230212
Marshall212236
Webster196015
Plymouth172831
Wapello158962
Clinton156228
Muscatine153958
Des Moines151611
Cerro Gordo150227
Crawford138714
Warren13137
Carroll120413
Jasper119734
Henry11245
Marion106811
Lee101312
Tama100538
Delaware82713
Dickinson7939
Wright7591
Boone7509
Mahaska73824
Bremer7199
Harrison69716
Washington69311
Jackson6853
Benton6482
Lyon5688
Clay5574
Louisa54415
Winnebago52119
Cedar5087
Winneshiek5079
Hardin5017
Jones5004
Kossuth4970
Clayton4923
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Hamilton4825
Poweshiek47611
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Emmet45321
Iowa4429
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Mills4233
Guthrie42015
Page4200
Cherokee4122
Sac4114
Butler4083
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Franklin39518
Madison3743
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Grundy3406
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Adair1971
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Adams841
Unassigned60
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