Sears Is Closing Another 72 Stores as the Company Clings to Life
They'll close as many as 275 stores this year.
Sears, the struggling department store giant that’s been shuttering stores for years, just announced a new round of store closures—and it’s a doozy.
On Thursday, Sears Holdings, which owns Sears and Kmart, announced that it has identified 100 non-profitable stores and that it would be closing 72 of these locations “in the near future.” Sears said it would publish a full list of the stores later today, with liquidation sales coming soon. We will post the Sears closing list as soon as it is available.
This latest round of Sears store closures comes roughly two weeks after the company said it would be closing 40 other stores in 24 states. And those closures were on top of a previous announcement made by Sears stating that 166 Kmart and Sears stores would close in 2018.
Altogether, it appears as if Sears Holdings could be closing roughly 275 Sears and Kmart stores this year.
These closures would come on the heels of the company’s decision to shutter well over 100 stores in 2016 and roughly 150 stores in 2017. As recently as 2016, there were nearly 1,600 Sears and Kmart stores in business throughout the U.S. By the start of 2019, that total could be down to around 1,100.
Sears is one of the biggest retail brands perceived to be on its deathbed during the so-called “retail apocalypse,” which has put once-powerful stores like Toys R Us and Sports Authority out of business. Sears’ troubles include an aging business model and increased competition from dollar stores, home improvement chains, and, of course, Amazon.
In its latest quarterly earnings report, Sears said that comparable store sales fell 9.5% at Kmart and a whopping 13.4% at Sears locations.