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.

Wildwood mayor strongly defends police after beach incident
The mayor of the beach town, meanwhile, vehemently defended the police and said the woman is no angel. The 20-year-old woman now faces several charges, including aggravated assault on a police officer.

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.

Recommended News

  • Venezuela releases USA  citizen after two years in Caracas prison

    Venezuela releases USA citizen after two years in Caracas prison

    Joshua Holt arrived Saturday evening at Washington Dulles International Airport. "We are all, as a group, very happy", Trump said. Holt, from Utah, was arrested in June 2016, after travelling to Venezuela to marry Thamara Caleño, a native of the country.
    Flash Floods Strike Ellicott City, Md

    Flash Floods Strike Ellicott City, Md

    The Main Street area remains closed to residents and business owners as rescue teams and engineers continue to assess the damage. Rescue personnel examine damage on Main Street after a flash flood rushed through the historic town of Ellicott City, Maryland.
    All 2019 iPhones will reportedly have OLED displays

    All 2019 iPhones will reportedly have OLED displays

    Moving to all OLED screens next year would make it hard to keep iPhones affordable for mass market consumers. The report sent shares of Apple's two main LCD suppliers, Japan Display and Sharp, into a downward spin.
  • Kid's School Safety Question Nearly Brings Sarah Sanders to Tears

    Kid's School Safety Question Nearly Brings Sarah Sanders to Tears

    During the White House press briefing, Sanders got emotional answering a question from 13-year-old student Benje Choucroun . Earlier this month, a gunman opened fire at Santa Fe High School near Houston, killing 10 people and injuring another 10.
    Top North Korean official headed for NY

    Top North Korean official headed for NY

    A White House logistical group was also sent to Singapore on Sunday to prepare in case the summit takes place. Kim Yong Chol is a vice chairman of the North Korean ruling party's central committee.
    China slams USA  for 'sudden flip-flops' in trade policy

    China slams USA for 'sudden flip-flops' in trade policy

    Hua stressed Beijing is not afraid of engaging in a trade war, and will take "forceful" measures if the tariffs are imposed. The White House has said it will impose 25% tariffs on $50bn worth of Chinese imports "shortly" after mid-June.
  • Syria's Assad vows to retake areas held by US-backed Kurds

    Syria's Assad vows to retake areas held by US-backed Kurds

    Because the majority of them are Syrians , supposedly they like their country, they don't like to be puppets to any foreigners. The Minister of foreign Affairs of Russia Sergey Lavrov addressed the participants of the forum "Primakov's reading".
    Valve Removes Active Shooter School Massacre Game From Steam, Bans 'Abusive' Developer

    Valve Removes Active Shooter School Massacre Game From Steam, Bans 'Abusive' Developer

    Robinett, the woman who started the petition, celebrated the removal of the game as a victory for those willing to speak up. One this is clear, however, and that is Valve refusing "to do business with people who act like this towards customers".
    US Gulf Coast braces for Alberto battering

    US Gulf Coast braces for Alberto battering

    The rest of the southeast USA from Tennessee to the Carolinas is forecast to receive 2 to 6 inches. Alberto is expected to make landfall Monday in the Florida Panhandle.
  • Of The Best Reactions To Kim Kardashian Meeting With President Trump

    Of The Best Reactions To Kim Kardashian Meeting With President Trump

    The goals, Kardashian has said , are to get Alice Marie Johnson's case in front of Trump and to secure a presidential pardon. The 1994 indictment describes dozens of deliveries and drug transactions, many involving Johnson.
    Star 'not yet 100%' but ready to play for Brazil

    Star 'not yet 100%' but ready to play for Brazil

    The squad will stay in the United Kingdom until June 8, before flying to Vienna for a friendly match against Austria. Brazil global , Neymar Jnr., has referred to recent rumours linking him to Real Madrid as "nonsense".
    More Evacuations Advised as Hawaii Lava Approaches

    More Evacuations Advised as Hawaii Lava Approaches

    A separate flow was about a half-mile from Highway 137 in the vicinity of Ahalanui Park, also known was the "hot pond". Lava has also reached the walls of the Puna Geothermal Venture Plant, and has covered one of the wells.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.