Sears to close another 72 stores after sales plunge

Sears to close another 72 stores after sales plunge

Sears to close another 72 stores after sales plunge

Sales have fallen for more than six straight years, despite efforts to revamp stores, stock more mattresses and appliances, and partner with sites such as Amazon.

Rob Riecker, the company's chief financial officer, said in a prerecorded call that the stores are "a critical component in our transformation".

Hoffman Estates-based Sears said it would provide a list by midday Thursday of 72 stores which will start closing sales "in the near future". The number of employees affected was not immediately available.

The stores should close in September.

More KMart stores across the country are also closing.

After the three Sears stores close, the retailer will still have eight stores in the Dallas-Fort Worth market. Some old locations have been filled.

Sears Holdings closed its Kmart location at 180 Main St.in Saugus on earlier this month. It say each store placed on the list is identified as non-profitable. In January 2016, there were 705 Sears locations and 941 Kmarts.

"However, because there is a unique arrangement with Sears, where they actually own the building and the surrounding parking lot, it is premature to make any announcements about the store".

It will also close its Peabody store in July.

The retailer said in a statement that it plans to take further action "with respect to certain near-term maturities of our debt, including through repayments, refinancings and extensions".

It reported a net loss of $424 million, compared to a profit of $245 million the same time past year.

Revenue at Sears Holdings fell to about $2.9 billion in the quarter from $4.2 billion in the same period of 2017, with store closures contributing to almost two thirds of the decline, the company said.

Merchandise sales fell 34 percent last quarter to $2.2 billion, according to the report.

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