Illinois-Based Sears to Close Another 72 Stores
That number may go even higher when the list of store closings is released later today.
Hoffman Estates, Illinois-headquartered Sears just lost $424 million, or $3.93 per share, in the first quarter, ending May 5th. It earned $245 million, or $2.29 per share, a year earlier, a quarter that included a $492 million gain tied to the sale of the Craftsman brand.
The initial store-closing number is 72, but Sears said that it has identified about 100 stores that are no longer turning a profit, and the majority of those locations will be shuttered soon.
From ABC News:
Sales at stores open at least a year, a key gauge of a retailer's health, tumbled 11.9 percent. Comparable-stores sales slid 9.5 percent at Kmart stores, and 13.4 percent at Sears.
The one-time powerhouse retailer that survived two world wars and the Great Depression has been calving off pieces of itself as it burns through money.
Kenmore, the retailer's appliance brand, became the latest potential sale after ESL Investments, the company's largest shareholder, headed by Sears Chairman and CEO Edward Lampert, said it might be interested in buying it.