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, 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.

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