Sears closing 72 stores

Sears closing 72 stores

Sears closing 72 stores

One analyst earlier this year described the company as dealing with a "toxic mix of issues", including unattractive stores, dramatically falling sales and high debt levels.

Sears Holdings identified 100 stores that are no longer profitable and chose to close 72 of them.

Same-store sales during the period dropped 13.4% at Sears stores and fell 9.5% at Kmart.

Earlier this year, Sears sold its Crabtree Valley Mall property back to the mall for almost $20 million but signed a leaseback agreement.

The Sears store inside the Honey Creek Mall will remain open.

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Sears Holdings Corp reported a near 12 percent fall in quarterly comparable-store sales on Thursday and said it will close 72 more underperforming stores in an effort to stem growing losses. "Essentially, it has been injury by a thousand cuts, whether by failing to staff stores to provide customers with good experiences or by failing to stock better quality merchandise in its stores". The company "will need to continue to right size our store base and focus on our best stores, including our new smaller store formats". Altogether, the company lost about $424 million, which it says amounts to about $3.93 per share.

After the three Sears stores close, the retailer will still have eight stores in the Dallas-Fort Worth market.

Sears closed another mall department store, at Orlando Fashion Square, in October 2016 and shut down the region's last Kmart store in April.

The retailer is also closing a Kmart store in Laredo. Over a decade ago, Sears shares traded at around $100, but now sit around $3.

Sears is also exploring the sale of its Kenmore brand. First quarter sales were $2.9 billion, compared with $4.2 billion a year earlier, Sears said.

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