Published: Fri, June 01, 2018
Culture | By Jeremy Gray

Sears to close 72 more stores, including one Kmart in Arvada

Sears to close 72 more stores, including one Kmart in Arvada

After the closures, there will be about 820 remaining Sears and Kmart stores, down from about 2,000 locations five years ago when hedge fund billionaire Eddie Lampert took over as chief executive. Liquidation sales are set to begin in June.

The list of store closings is due to be announced mid-day Thursday.

Another Mid-Michigan Sears store is closing its doors.

The department store chain released a list Thursday afternoon of 63 stores it will close in the face of continued financial struggles.

Net loss attributable to the company was $424 million, or $3.93 per share, in the first quarter ended May 5, compared to a profit of $245 million, or $2.29 per share, a year earlier.

It will also close its Peabody store in July.

The Sears at the Genesee Valley Center Mall in Flint Township is among three Michigan Sears stores that are being shuttered.

Fifteen Kmarts and 48 Sears stores nationwide are slated to close, including a Sears store in Springfield, Ill.

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Sears closed 400 of its namesake and Kmart locations in 2017, and it said it would close around 160 more stores this year before Thursday's announcement.

Revenue tumbled more than 30 percent to $2.89 billion, with store closings already underway contributing to nearly two thirds of the decline.

The 72 stores are among 100 "non-profitable" stores identified by the company, according to its financial disclosures.

Sears, founded in 1893 as a mail-order business, has faced a number of hurdles in recent years as consumers increasingly shop online.

"The demise of Sears has felt like a prolonged, drip, drip, drip as evidenced by the string of quarterly sales numbers", said Mark Hamrick, Bankrate.com senior economic analyst.

Shares of Sears tumbled another 3 percent on the results in premarket trading.

Sears also said it will at least explore selling its DieHard brand of auto parts and accessories and its home improvement products and PartsDirect businesses. Stores in Roseville and Grand Rapids closed in the a year ago.

Sears announced recently that shoppers could buy any brand of tires on Amazon.com, have them shipped to a Sears Auto Center and then bring in their vehicle to get them installed.

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