Sears To Close 100 More Stores
Sears will be doing a spring-cleaning. The beleaguered retailer set plans to close more than 100 locations in March and April, shuttering 64 Sears stores and 53 Kmarts, as it continues a years long shrinking trend. Sears currently operates 1,104 stores, and is roughly a third the size it was a decade ago.
In 2006, for example, Sears operated about 3,400 stores, including the approximately 1,200 Hometown and Outlet Stores it spun off in 2012.
(Photo by Scott Olson/Getty Images) The news comes amid solid holiday results from Sears’ rivals J.C. Penney and Macy’s, with the former retailer’s CEO Marvin Ellison crediting Sears “contraction” with Penney’s burgeoning home appliance business.
When asked, among other questions, if Sears anticipates that it might need to file for bankruptcy protection this year, a spokesperson from the retailer would only direct me to a statement from Sears’ website, which in part reads: “Sears Holdings continues its strategic assessment of the productivity of our Kmart and Sears store base and will continue to right size our store footprint in number and size. In the process, as previously announced we will continue to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members.” Liquidation sales will begin on January 12 at the closing stores.
Sears has been on a precipitous decline since Eddie Lampert, its chairman and CEO and former hedge fund guru, acquired the retailer and merged it with Kmart in 2005.