Sears Adds 28 Stores To The Chopping Block
Sears continues to whittle down its portfolio, announcing the closure of another 28 Kmart stores.
The most recent closings are in addition to the 180 stores that have already shuttered this year, and the remaining 150 locations scheduled to close before year's end, Forbes reports.
Sears has struggled with the e-commerce shift and said earlier this year it would be cutting $1B from its books. The company was open about the fact that store closures would play a big role in achieving this goal. Sears also sold its Craftsman tool brand to Stanley Black & Decker for $900M.
The latest news comes as Sears reported another quarter of disappointing earnings. Sales plunged 11.5% in Q2, bringing it to a net loss of $251M, Forbes reports. This is lower than last year, when the retailer posted a loss of $395M. It is also lower than the S&P’s projection of $266M.
The number of brick-and-mortar stores operated by Sears has gone from 3,400 across the U.S. a decade ago to around 1,400 presently.