Struggling Sears to close 5 IL stores, including in Springfield

Surrendering Stores       Sears and Kmart stores now number less than 1,000              Source Company filings Bloomberg

The stores destined for closure have not yet been revealed, but the company said it would identify them in the "News/Media" section on their website by mid-day.

Sears is planning to close another 72 stores as sales shrink and losses grow, an announcement that has become a familiar refrain as the company retrenches.

Sears is closing one other Florida store at 7902 Citrus Park Town Center in Tampa, as well as a Kmart in Tampa at 5400 E Busch Blvd. Sears' troubles include an aging business model and increased competition from dollar stores, home improvement chains, and, of course, Amazon.

Sears Holdings announced it would close 72 stores Thursday morning, May 31 but reduced that number to 63 closures after deciding to evaluate nine locations before making a decision.

Facing declining mall traffic, heightened online competition and strategic missteps, Sears sales have plummeted. Previous year his hedge fund, ESL Investments, doled out $1 billion in financial support to the ailing retailer.

Altogether, it appears as if Sears Holdings could be closing roughly 275 Sears and Kmart stores this year. The company announced recently that shoppers could buy any brand of tires on Amazon.com, have them shipped to a Sears Auto Center and then bring in their vehicle to get them installed.

Overall, Sears reported a $424 million loss in the first quarter of 2018 compared with a $245 million profit during the year-ago period.

The company revealed the closures as it announced revenues dropped more than 30% for the quarter to $2.9 billion. Last year, Sears sold its Craftsman brand to Stanley Black and Decker for $900 million.

Sears' future is bleak because its issues go back so many years, said Neil Saunders, managing director of retail at GlobalData, a Manhattan-based market research firm.

Related News:



Most liked

The Malian man who saved a child will be "naturalized French"
He said there is no disparity between rewarding Gassama for his act of bravery and holding firm on immigration. He met with Gassama at the Ely sé e Palace, promising him a French citizenship as soon as possible.

North Korea Will Not Agree to Denuclearization — CIA Analysis
For veteran observers of the opaque North Korean regime, the speed and intensity of the turnaround was remarkable. However, Kim Jong Un plans to open a Western hamburger franchise in Pyongyang as a show of goodwill, NBC reported.

Bethesda teases Fallout announcement ahead of E3
The good news about this tease is that Bethesda doesn't like to drag out release dates after a game has been revealed. However, it's far from insane to suggest that they might be working on a remaster of a previous Fallout title.

I tried out Apple’s new HomePod features. Here’s what I learned
As always, before updating your iOS device, we recommend backing up your data. iOS 11.4 is now available for the iPhone and iPad . HomePod will automatically update to support stereo pairs, unless auto updates are disabled in the Home app.