Sears, Kmart Closes 72 More Store Branches
Nothing shows the decline of the brick-and-mortar retail industry more than a shuttered-down store, which will be a common sight as Sears plans to shut down 72 more locations in a bid to cut costs and refocus its budget. This new round of shutdowns adds to the more than 180 closings scheduled for this year.
The company has internally circulated a report on Tuesday, June 6, listing the stores that will be shut down following a set schedule. The list marks 16 Sears stores, 49 Kmart stores, and seven auto centers that are set to close, according to the Business Insider.
According to the insider which provided the list, most of these are scheduled in September. This list is a separate and additional tally to the 180 closings already announced earlier this year, according to CNBC.
Get Our Latest News for FREE
These series of shutdowns will bring down the number of stores under the Sears' umbrella of retail outlets to about 1,200. This is just 58 percent of the number of stores from five years ago, which used to be at 2,073.
The financial troubles that plague the Illinois-based company have only worsened in the recent months. These setbacks have put what used to be one of America's largest retail icons on survival mode.
In January, Sears has closed down 150 locations which it had deemed to be not performing well. This number included 108 Kmart outlets, and it followed a rash of shutdowns last year. The company has also sold off its Craftsman tool brand to Stanly Black & Decker in a bid to gain about $900 million in capital to stave off operational issues.
March has seen the company shares plummet by 12.3 percent as a Securities and Exchange Commission disclosure shook investor confidence with a report that the company had "substantial doubt" about its capacity to continue operating unless revenue can be brought in from lenders and sales of assets.
The month of May has added another 30 locations to the list of places closing before this latest development.
