Sears to Close 72 Unprofitable Stores

Roman Schwartz
June 2, 2018

The company on Thursday notified associates of the 15 Kmart stores and 48 Sears stores across the US that their locations were closing.

The closures in MI are part of the company's plan to shed 63 more unprofitable Sears and Kmart stores from its portfolio as the Illinois-based department store's downward spiral continues. An original list of 72 was later revised downward, as some of those face further evaluation.

The 2018 closing of an additional 9 Kmart stores and 31 Sears stores was announced prior to the end of the first quarter. "Following is a list of the impacted stores".

A rally in Sears bonds triggered by the company's search for asset buyers is casting doubt on plans for reducing the retailer's debt, Lampert said earlier this week. Liquidation sales at the affected stores are expected to begin as early as June. The retailer has been in a sales slide for awhile, a good portion of that from the fewer stores actually still around.

Sears shares, which have lost nearly all of their value in the last five years, were down almost 10 percent at $2.90 in mid-day trading.

The nearest locations that will be closing are in Minnesota - a Sears store in Brooklyn Center and a Sears and a Kmart store in Duluth.

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This isn't the first time Sears has sold off a brand name it made famous.

When Sears and Kmart merged in 2005, they had a combined total of 3,500 stores.

Another Mid-Michigan Sears store is closing its doors.

In April, Simon filed a query with the city of Tacoma for a major redevelopment of the Sears site. Sears Holdings CEO Eddie Lampert's hedge fund, ESL, said Tuesday it's received "numerous inbound inquiries from potential partners" since it made an offer last month to buy Kenmore and other Sears assets....

Simon has not released information on specific tenants.

Furthermore, Sears used to be a goliath in appliance sales, but other large retailers, such as Home Depot and Lowe's, compete strongly in that area now, Saunders said. "That's what they're moving forward with the restaurant row and the fitness center". Golden Triangle's owners renovated the mall in 2013.

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