Sears Is Closing 72 More Stores

Sears Is Closing 72 More Stores

Sears Is Closing 72 More Stores

The company said closing sales for the 72 stores would begin in the "near future". Earlier on Thursday, the retailer announced that it would close 72 stores but, pulled nine stores from the list that will also be evaluated further. Back in January, Sears announced it was closing 100 stores.

"While we had a challenging first quarter, we remain focused on improving our financial performance and enhancing our liquidity", Sears Chief Executive Officer Eddie Lampert said.

The struggling retail giant released the full list on Thursday.

The company closed a total of almost 400 stores during the past 12 months, and now has a total of 894 left, including the 72 slated for closure.

The 72 stores were among 100 Sears identified that are no-longer turning a profit.

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After this round of closures, the company will have about 800 stores, down from about 1,000 at the end of past year and far below the 2012 peak of 4,000 stores.

Revenue tumbled more than 30 percent to $2.89 billion, with store closings already underway contributing to nearly two thirds of the decline. Jeff Braun said he was reminded of that recently when he found and used his grandfather's 70-year-old Sears table vise. Same-store sales at Kmart, meanwhile, declined 9.5 percent.

The latest closings underscore the deep-rooted problems at Sears, which was once a one-time powerhouse retailer that survived two world wars and the Great Depression but has been selling pieces of itself as it burns through money. Stores in Roseville and Grand Rapids closed in the a year ago.

Shares fell as much as 13 percent before the start of regular trading.

Earlier in May, the company formed a special committee to explore the sale of its Kenmore appliances brand, home improvement products and parts direct business.

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