Sears is swinging the ax once more. The struggling retailer introduced plans to shut one other 46 Sears and Kmart shops.
The corporate has already closed greater than 100 shops this yr — together with the final remaining Sears in its hometown of Chicago — because it makes an attempt to stem losses.
Workers at 13 Kmart shops and 33 Sears shops have been notified that their areas would shut by November.
When Sears and Kmart merged in 2005, they’d about three,500 US shops between them. About 900 US shops stay, and extra closings are seemingly.
“We proceed to judge our community of shops, which is a vital part to our built-in retail transformation, and can make additional changes as wanted,” the corporate stated in an announcement.
Liquidation gross sales at a number of the shops will begin as quickly as August 30.
Sears has misplaced $11.2 billion since 2010, its final worthwhile yr and gross sales have plunged 60% in that point.
The corporate has been promoting belongings as a approach to elevate cash. In August, CEO and majority shareholder Eddie Lampert provided to purchase the corporate’s Kenmore equipment model for $400 million, and its Sears House Providers division for between $70 million and $80 million.
Lampert stated he additionally plans to barter with lenders to attempt to prolong the reimbursement schedule for a few of Sears’ debt.
Shares of Sears ( have plunged 85% within the the final yr. The inventory hit an all-time low of $1.09 in buying and selling Thursday on the shop closing information, and whereas it later climbed off that low, the inventory was nonetheless down greater than 5% in mid-afternoon buying and selling. )
Shops set to shut:
Spring Valley, California,
Los Angeles, California (at 6310 W. third Road)
Cape Girardeau, Missouri
Riverhead, New York
Scott Depot, West Virginia
Santa Cruz, California
Grand Junction, Colorado
Tampa, Florida (at College Sq. Mall)
Fort Wayne, Indiana
Crabtree, North Carolina
Salem, New Hampshire
Manchester, New Hampshire
Mays Touchdown, New Jersey
Victor, New York
Glen Falls, New York
New Hyde Park, New York
Cincinnati, Ohio (at Northgate Mall)
Blissful Valley, Oregon
Houston, Texas (at Memorial Metropolis Mall)
West Jordan, Utah
Eau Claire, Wisconsin
La Crosse, Wisconsin
CNNMoney (New York) First printed August 23, 2018: eight:29 AM ET