Sears to “accelerate” the closing of at least 50 “unprofitable stores”

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Sears

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.

1 Comment

  • Mary

    They have no one or anything to blame but themselves!!!! Their service is outright horrible, employees are rude and disrespectful, and items are over priced. A while back I purchased an appliance from sears, I was told it would be delivered on Friday (4days later.) Thursday I get a reminder call that my order will be delivered on Friday (had to leave work early to be there), Friday afternoon I get a call that the order was not in yet and that they can re-deliver next Friday, fine. This went on for a month, scrambling to make sure someone was home and then the call that it was not available every week. Finally, had the dates set for delivery on Saturdays, this happened 3 more times (on Saturdays) at this point I was done and no longer wished to keep the order, and Ironically the second Saturday I get a call from Sears, a lady telling me again the order was not available and that she can have it delivered next Saturday, I kindly told her I was unable to be home next Saturday because I worked, in the most rudest, cocky tone, she replies, “you work on a Saturday, who works on a Saturday?” well obviously she and I both seeing as you are calling me on a Saturday to re-schedule. In the long run I cancelled the order and found out the product I paid for (almost 2-months back) Sears discontinued selling over 2-years ago and the manufacturer stopped producing around the same time BUT Sears was still selling the item and even had a floor model out.

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