Sears to close 63 more U.S. stores after holiday season

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4 Nov 2017

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Sears to close 63 more U.S. stores after holiday season, Current Business Updates in USA.

Sears to close 63 more U.S. stores after holiday season

Sears to close 63 more U.S. stores after holiday season: Sears Holdings Corp (SHLD.O) said it will close 63 additional stores in the United States after the holiday season as part of its continued effort to return to profitability in a difficult retail environment.

The announcement, made to employees on Thursday and available on the company’s website, follows news last month that Whirlpool Corp (WHR.N) would stop supplying some big name-brand appliances to Sears, and a fresh cash infusion from Chief Executive Edward Lampert.

The closures, set for late January, include 45 Kmart stores and 18 Sears stores and follow 330 closures in 2017. (bit.ly/2iZ1VZ1)

The move will reduce the number of locations operated by Sears, once the largest U.S. department store chain, to around 1,000, from 2,019 stores in 2012.

Liquidation sales at the closing stores will begin as early as Nov. 9, Sears said.

Shares in Sears, which have lost 54 percent over the past year, ended 4.8 percent lower on Friday at $5.17.

Source:https://www.reuters.com/article/us-sears-restructuring/sears-to-close-63-more-u-s-stores-after-holiday-season-idUSKBN1D32HA

Biphoo

4 Nov 2017

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Sears to close 63 more U.S. stores after holiday season

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