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Non-Tech : Sears Holdings Corp.
SHLD 31.370.0%Oct 12 5:00 PM EST
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From: Glenn Petersen6/1/2018 11:30:17 AM
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Sears names dozens of the 72 stores it plans to close in the near future
  • Sears has identified another 100 unprofitable stores.
  • It will begin closing sales at 72 of these stores "in the near future."
  • The retailer said it continues to evaluate its store fleet and will make further adjustments "as needed and as warranted."
Lauren Thomas | Christina Cheddar Berk
Published 6:07 AM ET Thu, 31 May 2018 Updated 19 Hours Ago
CNBC.com

Sears Holdings said Thursday it will be closing more than 70 additional stores in 2018 as its sales continue to erode, dropping more than 30 percent in the latest quarter from a year ago.

The retailer has identified 100 unprofitable stores in total, and it will begin closing sales at 72 of these stores "in the near future."

"We continue to evaluate our network of stores, which are a critical component in our transformation, and will make further adjustments as needed and as warranted," Sears said in a statement announcing its fiscal first-quarter results.

The department store chain has been caught in a vicious cycle — shuttering weak stores to reduce costs. But even as it closes more stores, sales fall further. In the latest period, Sears said roughly two-thirds of its sales decline was tied to store closures.

The company named 63 locations it plans to close; they are mapped here. Sears will list the additional nine locations in a forthcoming update.

cnbc.com
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