Sears To Shutter At Least 66 More Stores This Year, On Top Of The Previously Announced 180
Sears has added between 66 and 72 stores to the chopping block, bringing its total planned closures for the year to 246 stores, as the company struggles to keep its head above water.
Business Insider released a full list of the additional closures Tuesday, which include 49 Kmart stores and 16 Sears. For years Sears has struggled with declining sales, and in December the company posted its 20th consecutive quarterly sales and revenue miss. Since 2012 the company has cut its total store count nearly in half.
In February Sears announced plans to close 180 stores over the course of 2017, and once all of 2017’s closures are complete Sears will operate fewer than 1,200 stores. While Sears CEO Eddie Lampert has defended layoffs and maintains the company is turning itself around, financial analysts told Retail Dive that Sears’ financial performance remains extremely weak.