Sears closing stores

Sears closing stores


Sears closing stores Across The U.S.

Sears keeps pruning its business in a years-long makeover, a bid to transform itself from a 123-year-old retail store into a nimble, 21{+s}t century operator.

Patience appears to be wearing thin. Shares slid early Tuesday to 13-year lows after the company said it would accelerate the closure of some of its stores following a “challenging” holiday season. The company’s stock is down 20 per cent this year, and they’ve been cut in half in the past 12 months.

Comparable-store sales in the fourth quarter dropped 6.9 per cent at Sears, and 7.2 per cent at Kmart, which the also company owns. That’s a key indicator of a retailer’s health because it excludes the volatility from stores recently opened or closed.

While the quarter that contains the critical shopping season was better compared with the previous three quarters, overall same-store sales fell 9.2 per cent in 2015, with Sears stores leading the decline.

“The holiday selling season proved to be challenging, with historically warm weather and intense competition pressuring margins and driving comparable store-sales declines,” the company said in a statement Tuesday.

Sears Holdings Corp. has struggled for years with weakening sales, unable to keep up with companies that sell appliances, like Home Depot, or general merchandise, like Wal-Mart, or everything, as is the case with Amazon.com.

It has spent years trying to modernize stores that are decades old, while chasing sales that have increasingly migrated online.

In a bid to turn around its clothing business, Sears said Tuesday that it would shake up its sourcing, pricing and inventory.

As for store closures, Sears said it will include, but not be limited to, about 50 stores that the company recently announced it would be shuttering in the next few months.

The company will attempt at least $300 million in asset sales during the first half of fiscal 2016. Sears is also still looking at options for its auto centre business, which could include a sale of all or part of the operations.

Sears said Tuesday that it has reduced its debt by about $1 billion compared with 2014, and anticipates fourth-quarter revenue of $7.3 billion and full-year revenue of $25.1 billion.

The retailer will release its quarterly and full-year financial results on Feb. 25.

Sears

June: Missoula, Montana: Sears and Auto Center

July: Sangertown Mall, Utica, New York: Sears and Auto Center

December: Sikes Senter Mall, Wichita Falls, Texas: Sears and Auto Center

February 2016: Staten Island Mall, Staten Island, New York: Sears Auto Center only

March 2016: Mount Berry Mall, Rome, Georgia: Sears and Auto Center

April 2016: Birchwood Mall, Fort Gratiot, Michigan: Sears and Auto Center

April 2016: San Mateo, California

Kmart

April: Wicker Park, Illinois

May: Colonial Heights, Virginia

June: Wauwatosa, Wisconsin

June: Hopewell, Virginia

June: Schuylkill Mall, Frackville, Pennsylvania

June: Greenville, North Carolina

July: Ontario, Oregon

July: Mount Pocono Plaza, Mount Pocono, Pennsylvania

July: Mobile, Alabama

July: Tulsa, Oklahoma

July: Hilltop, Virginia Beach, Virginia

August: Bel Air, Alabama

August: Bellevue Center, Tennessee

October: Vineland, New Jersey

October: Atwater, California

October: Chantilly, Virginia

November: Parkville, Maryland

November: Sturgis, Michigan

November: Spearfish, South Dakota

November: Los Banos, California

November: Davenport, Iowa

November: Lake Park, Florida

December: Belvidere, Illinois

January 2016: South Burlington, Vermont

March 2016: Honolulu, Hawaii

March 2016: Lutz and Daytona, Florida

March 2016: Cleveland, Tennessee

March 2016: Canton, Illinois

March 2016: Daytona Beach, Florida

March 2016: Covington, Virginia

Spring 2016: Florence, Dothan, and Prattville, Alabama

April 2016: Citrus Heights and Chula Vista, California

April 2016: Ottumwa, Iowa

April 2016: Mitchell and Pierre, South Dakota

April 2016: Topeka, Kansas

April 2016: Pocatello, Idaho

April 2016: Logan, Idaho

April 2016: Superior, Wisconsin; Virginia, Minnesota; and Ironwood, Michigan

April 2016: Steubenville, OH

April 2016: Cedar Bluff and Virginia Beach, VA

April 2016: Claypool, VA

April 2016: Milledgeville, GA

April 2016: Dublin, GA

April 2016: Richfield, UT

April 2016: Florence, AL

April 2016: Warren, OH

April 2016: Morton, OH