Indiana Sears stores among 72 locations closing due to plunging sales

01 June, 2018, 16:32 | Author: Julio Duncan
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Sears will close at least 72 more stores as sales plunge and losses mount including two stores in the St. Louis metro.

The company posted a quarterly loss of $424 million and sales dropped almost 12 percent.

Rob Riecker, Sears' chief financial officer, said in a pre-recorded call that the company's stores are "a critical component in our transformation".

Here's a full list of stores expected to close this year.

The retailer, which is now headquartered in Hoffman Estates, IL, has fallen on hard times, and continues to shed stores, employees and brands.

The Sandy Hollow and Belvidere locations closings had previously been announced. Most recently in January, the embattled company announced the shuttering of 64 Kmart stores and 39 Sears stores, adding to the hundreds of closures that have taken place over the past few years.


The closures include two locations in Massachusetts: Peabody and Springfield. The company has lost more than $11.2 billion since 2010, its last profitable year.

Revenue tumbled more than 30 percent to $2.89 billion, with store closings already underway contributing to nearly two thirds of the decline.

Sales at established stores, a key gauge of a retailer's health, tumbled almost 12 percent, down 9.5 percent at Kmart stores and 13.4 percent at Sears.

"The demise of Sears has felt like a prolonged, drip, drip, drip", said Mark Hamrick, an analyst for Bankrate.com.

Shares of Sears tumbled another 3% on the results in premarket trading.

Sears is looking to sell its Kenmore appliance brand in an effort to raise cash, after selling off its Craftsman tool brand a year ago.

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