Sears announces another round of store closures

Surrendering Stores       Sears and Kmart stores now number less than 1,000              Source Company filings Bloomberg

Surrendering Stores Sears and Kmart stores now number less than 1,000 Source Company filings Bloomberg

The California stores set for closure are a Kmart in Ridgecrest, in Eastern Kern County, and a Sears in the City of Industry. Kmart on Busch Boulevard will close by early September and Sears at Citrus Town Center will close by late June.

"Eligible associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores", according to Sears's store list summary.

In 2014, the former retail titan closed its flagship store in Chicago - where it once called Sears Tower home.

Shares were down more than 3 percent before the opening bell. Kmart stores in Clementon, East Brunswick, Manahawkin, Mantua, Pleasantville and Rio Grande have also closed. After the just-announced closings, that number will shrink to roughly 820.

Many will be searching for work after a retail giant announced plans to close nearly 100 stores.

Sears CEO Eddie Lampert has been criticized as being distant, neglecting stores and customer service, and not innovating enough to keep the company evolving with the times.

Sears Holdings closing one store in Kansas after it announced it plans to close dozens of stores across the country. The next closest is in Bradenton.

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"However, because there is a unique arrangement with Sears, where they actually own the building and the surrounding parking lot, it is premature to make any announcements about the store".

Sears Holdings announced in April and May the Sears at the Clearwater Westfield Countryside Mall and the Kmart stores on USA 19 and in Brandon would shut down. In January 2016, there were 705 Sears locations and 941 Kmarts.

The closures are believed to represent about 8 percent of the company's remaining stores.

In a news release, the company announced its first quarter financial results, which included a net loss "attributable to Holdings' shareholders of $424 million ($3.93 loss per diluted share) for the first quarter of 2018". Amazon began selling Sears's Kenmore brand of ovens, washers and other appliances previous year. Revenue, meanwhile, dropped more than 30 percent to $2.89 billion.

Comparable-store sales declined 11.9 percent during the quarter, comprised of a 9.5 percent decline at Kmart and a 13.4 percent decline at Sears.

Michael Staenberg's real estate development firm recently acquired the Sears building attached to Chesterfield Mall in an attempt to buy and redevelop the struggling mall. The company said on Thursday it would not further comment on the process.

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