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Sears Closing Another 20 Stores Amid Ongoing Sales Slide
Source: Fortune
Sears Closing Another 20 Stores Amid Ongoing Sales Slide
Phil Wahba
11:31 AM ET
You can add another 20 Sears and Kmart stores to retail's graveyard.
Sears Holdings (SHLD, -0.29%) is closing another 20 locations on top of recently announced shutterings, bringing to total store closures to 260 this year for the struggling retailer which is trying unsuccessfully to stanch years of sales declines. The latest closures include 18 Sears stores and two Kmart locations, according to a regulatory filing on Friday by real estate investment trust Seritage Growth Properties, which was spun off by Sears in 2015.
These stores will start liquidation sales by June 30 and be closed by mid-September, Sears said in a statement.
"We understand that members may be disappointed when we close a store, but our Shop Your Way membership platform, websites and mobile apps allow us to maintain these valued relationships long after a store closes its doors," the company said. However, rivals Macy's (M, +0.14%) and J.C. Penney (JCP, +1.03%) have each said at recent investor conferences that online sales also decline in areas where they've closed a store.
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Phil Wahba
11:31 AM ET
You can add another 20 Sears and Kmart stores to retail's graveyard.
Sears Holdings (SHLD, -0.29%) is closing another 20 locations on top of recently announced shutterings, bringing to total store closures to 260 this year for the struggling retailer which is trying unsuccessfully to stanch years of sales declines. The latest closures include 18 Sears stores and two Kmart locations, according to a regulatory filing on Friday by real estate investment trust Seritage Growth Properties, which was spun off by Sears in 2015.
These stores will start liquidation sales by June 30 and be closed by mid-September, Sears said in a statement.
"We understand that members may be disappointed when we close a store, but our Shop Your Way membership platform, websites and mobile apps allow us to maintain these valued relationships long after a store closes its doors," the company said. However, rivals Macy's (M, +0.14%) and J.C. Penney (JCP, +1.03%) have each said at recent investor conferences that online sales also decline in areas where they've closed a store.
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Read more: http://fortune.com/2017/06/23/sears-stores-2/
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