Sears prepares to close 72 stores

(Bloomberg)—Sears Holdings Corp. kicked off another fiscal year with declining sales from a dwindling number of stores, and more closings are on the way.

The operator of Sears and Kmart stores posted a first-quarter loss of $3.93 a diluted share. Revenue fell due to fewer stores and a 12% drop in comparable-store sales. The Hoffman Estates, Illinois-based retailer said Thursday that it has identified 100 unprofitable stores, and 72 of them will begin store-closing sales in the near future. It will announce the locations to close by midday.

The decline in comparable-store sales, a key metric in retail, should be “alarming” to investors, said Noel Hebert, a Bloomberg Intelligence analyst.

“You’ve basically closed half the store base over the last few years and your ‘best’ stores are still negative 12%,” he said.
more at: https://www.digitalcommerce360.com/2018/05/31/sears-prepares-to-close-72-stores/

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