Sears plans to close almost 80 stores as the struggling retailer attempts to bring its books back to black.
The closings will include 68 Kmarts and 10 Sears locations, eliminating about 5% of the company’s shops in total. Most of the stores will be shuttered in late July, with some lasting as long as September.
The closings come just after the retailer posted a $580M Q4 loss due to sliding sales numbers. Sears says it plans to close money-losing locations, but will also consider the timing of leases in its closing decisions, Bloomberg reports.
“We’re focusing on our best members, our best categories and our best stores as we work to accelerate our transformation,” Sears CEO Eddie Lampert, said in a statement.
Lambert's profitability has included real estate sales and spinoffs, along with heavy investment in online platforms—but with new retailers going by the wayside every day, it remains to be seen if Lampert can pull Sears out of its hole. [Bloomberg]
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