Sears to close another 28 Kmart stores

Casey Dawson
August 25, 2017

In a public filing this year, Sears announced it only has about 12 months of cash to continue operating.

The company that owns Kmart stores announced Thursday that 28 stores across the country will be closed by the end of the year, including the last location in the metro-east. Kmart will have 596 stores after the closings, less than half of what the chain operated at its peak.

Tap into millions of public records, notices and articles on The Daily News with our ever-growing line of services. Store closures contributed to about $770 million of the decline.

For the quarter, the retailer reported a net loss of $251 million, better than the loss of $395 million in the same quarter of 2016.

An adjusted loss of $1.16 a share, compared with a forecast loss of $2.48 per share. Same-store sales were down 11.5%, worse than the expected 7.1% decline.

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The struggling retailer, once a household name, has already shut down almost 200 stores this year and in June had plans to lay off 400. The announcement that day sent shares of Sears soaring. "That said, the holidays will reveal how much further Sears can fall, especially on the sales front". They're spending more online and spending less on clothing and more on experiences like spas.

Other professions, including workers in fast-food restaurants, also are hiring and are often paying above minimum wage in the $9 to $10 range, Stapleton said. That store is facing increased competition from a newly-opened Walmart.

But Neil Saunders, managing director of GlobalData Retail, sees the continuing store closures as more ominous. Sears comparable sales alone declined 13.2 percent.

Sears is dealing with the same challenging retail environment as peers such as Macy's and J.C. Penney Co. - falling foot traffic at shopping malls and the migration to e-commerce companies such as Amazon.com. It has insisted that its actions to turn around its business should help reduce that risk. Sears Holdings' revolving credit facility stood at $191 million on July 29.

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