Struggling Sears to close 5 IL stores, including in Springfield

01 June, 2018, 00:49 | Author: Donna Miller
  • Sears to close at least 72 more stores

The current retail environment is hard for many stores, but Sears' performance is much worse than its rivals. Stores closing sales at the 72 stores will begin "in the near future", with plans for the others to be determined.

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

Heading into Thursday's announcement, Kmart and Sears had 30 stores in MA. The list of stores closing was released, and no Nebraska locations are included.

The store will close September 2, the workers said.

The beleaguered retailer, which operates Kmart and Sears stores, said it has identified about 100 stores that are no longer turning a profit, and the majority of those locations will be shuttered. The company has lost more than $11.2 billion since 2010, its last profitable year. Jeff Braun said he was reminded of that recently when he found and used his grandfather's 70-year-old Sears table vise. While most of that decline was due to previous store closings, sales fell 12 percent at the stores that remained open.

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

"The demise of Sears has felt like a prolonged drip, drip, drip", said Mark Hamrick, an analyst for Bankrate.com. Davenport's Kmart closed a few years ago.

There are also independently owned Sears Hometown stores in East Wareham, Great Barrington and Hadley.

In April, Lampert proposed that ESL Investments purchase Sears' Kenmore brand, its home-improvement business, its Parts Direct division, and some of the company's real estate.

The move comes less than five months after Sears announced at the start of the year that it would close more than 100 stores.

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