Sears to close another 72 USA stores

Jeff Green is mentioned in this Stock News Press article.

Sears to close another 72 USA stores

Scott Gibson | June 2, 2018, 16:28

Over the past year, the company has shuttered almost 400 stores, not including the 72 now facing closure.

This is in addition to the 64 Kmart stores and 39 Sears stores that have already shut down this year. Revenue plunged more than 30 percent to $2.89 billion, with store closings already under way contributing to nearly two thirds of the decline.

Merchandise sales fell 34 percent last quarter to $2.2 billion, according to the report.

The company said it had identified about 100 nonprofitable stores overall, which included the 72 set to be shuttered in the "near future".

The Kmart store at 9881 W. 58th Ave.in Arvada was on the list of closures the retailer released Thursday afternoon.

The latest round of closures - which will begin in early September - includes more than a dozen Kmart locations, as well as Sears stores in Atlanta, Indianapolis and Tampa.

Jeff Green, partner with Hoffman Strategy Group, says that e-commerce is not at all the biggest reason for the retailer's struggle. The chain now only has two Sears stores in the region - at Chesterfield Towne Center and Virginia Center Commons in Henrico.

Also on the chopping block are stores at Genesee Crossing mall in Flint and Cherryland Center shopping complex in Traverse City.

After this round of closures, the company will have about 800 stores, down from about 1,000 at the end of previous year and far below the 2012 peak of 4,000.

In one sense, Eddie Lampert's tenure as chairman and CEO of Sears Holdings has not been a good one, insofar as the formerly giant retailer becomes less and less giant with each passing day.

The announcement of the Peabody store closing was expected after a developer filed plans earlier this month to build a fitness center and outdoor pool near the site of the current Sears.