Sears and Kmart Announce Another Round Of Store Closings
Sears just announced a fresh round of store closures.
The company told employees on Tuesday that it will close 30 Sears and Kmart stores in early 2017, half a dozen employees told Business Insider.
Most of the stores will start liquidation sales on January 6 and go out of business between late March and mid-April.
Sears announced the closures internally on Tuesday but did not publicly release a comprehensive list of the stores that would close.
Business Insider confirmed most of the closures with store employees at each location. We will add to this list as we confirm additional closures.
This latest round of closures will bring the total number of stores that Sears has closed this fiscal year to more than 200.
That means the retailer will have fewer than 1,500 stores left by early 2017. That’s down nearly 60% from 2011, when Sears had more than 3,500 stores.
Sears is shutting down stores to help stem losses from falling sales.
In the most recent quarter, Sears’ revenue fell 13%, to $5 billion, and its losses widened to $748 million from $454 million in the period last year.
Same-store sales dropped 7.4%, including a 10% decrease at Sears stores and a 4.4% decrease at Kmart stores.
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