Sears To Close 50 Stores, Sell $300M In Assets
In a bid to revive its struggling business, Sears Holdings announced plans Tuesday to close 50 stores and sell off $300M in assets in the first half of 2016.
The announcement comes ahead of the company’s Q4 earnings report, which is expected to show a 6.9% sales drop in Sears stores, and 7.2% decline in Kmart stores, Retail Dive reports.
Sears tried to tap into its real estate assets with its REIT spinoff in July. And even with Warren Buffett’s confidence in the new REIT, the department store hasn’t been able to right its sinking ship.
Sears is losing market share to rivals, especially in women’s clothing, where the retailer has dropped to 15th place, falling behind second-hand retailer Goodwill. [RD]