Sears to close one Kansas store

03 June, 2018, 17:32 | Author: Sheri Evans
  • Sears Prepares for More Store Closings as Revenue Slumps

As online retail sales have boomed, Sears has announced a string of mass store closures - including back in 2011, when it said it would shutter more than 100 Kmart and Sears locations.

Sears Holdings earlier in the day had reported a net loss of $424 million for the first quarter of 2018. Last year's gain included $492 million from the sale of Sears' Craftsman tool brand to Stanley Black & Decker, a deal valued at roughly $900 million overall. Revenue, meanwhile, dropped more than 30 percent to $2.89 billion.

Even though the current retail environment is hard for many retailers, Sears' performance has been much worse than its rivals. Sales have fallen for more than six straight years despite efforts to revamp stores, stock more mattresses and appliances, and partner with sites like Amazon.

"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.

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Sears has several locations remaining in Colorado. It also has showrooms in Apex and Knightdale and an outlet store in Garner.

Sears same-store sales fell 13.4 percent, while sales at Kmart declined 9.5 percent, according to Sears Holdings quarterly report. Worse, the retailer's sales base, seen in its comps, continues shrinking.

The list of closing locations will be released later today, Sears Holdings said.

The operator of Sears and Kmart stores posted a first-quarter loss of $3.93 a diluted share. Amazon began selling Sears's Kenmore brand of ovens, washers and other appliances a year ago.

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The chairman and CEO of Sears Holdings is hedge fund manager Eddie Lampert, who is also both the company's biggest investor and a major lender. Other store closings will be announced at a later date.

'We believe these initiatives, among others, will help us to strengthen the Company and better position it for the future, ' he said.

To stem losses, Sears has closed almost 400 stores since past year, leaving 894 stores still open as of May 5.

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