Another 103 store closings for Sears Holdings

The latest round of Sears and Kmart closings are scheduled to be completed by April.

Sears Holdings reported today that it will close another 103 stores this spring.

The troubled retailer said it will shut down 64 Kmart locations and 39 Sears stores by April of this year. Another 63 closings, announced last year, are scheduled to be completed by the end of January.

"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," the company said in a statement. "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."

The Hoffman Estates, Ill.-based chain has closed nearly 400 stores in the past two years. After this latest round of closings, the company will have less than 950 total Sears and Kmart locations. The company operated more than 3,500 total locations six years ago.

Sears Holdings posted total revenues of $3.7 billion for the third quarter 2017, a 26% drop from revenues of $5 billion in the third quarter of 2016. The company attributed much of the decline to store closures. 

Login or Register to post a comment.