Sears to “accelerate” the closing of at least 50 “unprofitable stores”
Sears doesn’t want to waste any time. The retailer announced on Tuesday, February 9th that it planned to “accelerate” the closing of at least 50 “unprofitable stores.”
Sears, which also owns Kmart, originally planned to close the stores over the next few months, but poor sales have sped up the timeline.
In its earnings report Tuesday, Sears said it expects total revenue to hit $7.3 billion for the fourth quarter — down from $8.1 billion last year.
Shares of the company’s stock were valued at more than $15 on Tuesday — down from nearly $45 a share in May 2015.
Sears said warmer weather and increased competition were partly to blame, as they hurt sales during the important winter holiday. Apparel sales in particular took a big hit.
Sears said apparel sales have “a substantial impact on our overall profitability.” The retailer said it planned to improve this area by adjusting clothing prices and offering more variety.