Sears To Shutter 28 Kmart Stores As Comp Sales Dip 11.5%

Kmart shoppers seek deals at a store in Hollywood
Kmart shoppers seek deals at a store in Hollywood
Author

25 August, 2017

Sears Holdings plans to close more stores - 28 Kmart locations in 16 states - in a continuing effort to restructure and streamline.

Twenty-eight more Kmart stores are closing nationwide, including the store in Southbury, its owner, Sears, announced on Thursday.

On the list are Kmart stores in Allentown and Willow Grove, Pa., but none in Maryland or West Virginia. This is over and above the 180 Kmart and Sears stores already shuttered in 2017 and the 150 that were scheduled to be shuttered before the third quarter ends.

Total revenue fell to $4.4 billion in the three months ending July 29, compared with $5.7 billion a year earlier.

Sears Holdings didn't immediately release a list of locations slated to close, but said it will be notifying employees of the closures Thursday. Liquidation sales at those stores will begin as early as August 31, the company said.

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Sears Holding reported second quarter losses of $144 million. Losses, adjusted for one-time gains and costs, came to $1.16 per share.

Sales at stores open at least a year, a key measure of a retailer's health, dropped 11.5%.

It "strikes me more as good store hygiene rather than a foreshadowing of another round of mass closures", said Greg Portell, lead partner in the retail practice of A.T. Kearney, a global strategy and management consulting firm.

The retail environment remained challenging, with continued softness in store traffic and elevated price competition. "The comprehensive restructuring of our operations is delivering cost efficiencies helping drive improvements to our operating performance". The move followed an agreement with Amazon.com (NASDAQ:AMZN) to sell Kenmore appliances on the website.

Sears has stores in Danbury, Milford and Waterbury as well as a hardware store in Shelton.


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