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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: KeepItSimple who wrote (54414)1/5/2001 9:05:52 AM
From: Ilaine  Read Replies (1) of 436258
 
>> Sears to close 89 stores
By Christopher Bowe in New York
Published: January 4 2001 17:43GMT | Last Updated: January 4 2001 21:44GMT

Sears Roebuck, the second largest US retailer, said on
Thursday it would close 89 poorly performing stores and take a
write-down on its loss-making pest control business.

The company, which operates almost 3,000 department and
specialty stores, said it had started to close 53 of its NTB auto
parts stores, 30 hardware stores and four department stores.

Sears expects to complete the closures in the first quarter of
this year and plans a $150m pre-tax charge to cover severance
and other shutdown costs.

The announcement follows a slow holiday shopping season for most US retailers. Sears'
holiday sales fell 1.1 per cent on a like-for-like basis compared with last year, blamed on
general industry softness and severe winter weather conditions.

Revenues were $4.42bn for the five weeks ending December 30.

The closures are the first moves by Alan Lacy, Sears' new chief executive, to weed out
operations dragging on the retailer's overall profitability.

In November, Mr Lacy admitted that Sears' retail stores were not profitable enough,
particularly when compared to competitors such as Wal-Mart, the largest retailer, and Home
Depot. He said he wanted to boost Sears' profit margin to near 5 per cent from the current
3.3 per cent.<<

news.ft.com
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