Sears announces another round of store closures

Sears announces another round of store closures

The list of stores that will begin closure sales will be released later today, the company announced in its first quarter financial report.

The company posted a quarterly loss of $424 million and sales dropped almost 12 percent.

The store at the Puente Hills Mall in the City of Industry is among the locations being closed.

The retailer, which is now headquartered in Hoffman Estates, IL, has fallen on hard times, and continues to shed stores, employees and brands.

The beleaguered retailer said it will close 15 Kmart stores and 48 Sears stores will be closing in early September 2018.

The company will have about 800 Sears and Kmart stores after the closings announced Thursday.

Trump Announces Surprise Pardon for Dinesh D'Souza
It's no surprise that Trump would take a shine to D'Souza, a vitriolic Obama hater who has cozied up to 45's White House before. Before pleading guilty, D'Souza claimed he was targeted for federal prosecution because of his anti-Obama views.

The closures include two locations in Massachusetts: Peabody and Springfield. While most of that decline was due to previous store closings, sales fell 12% at the stores that remained open. The company has lost more than $11.2 billion since 2010, its last profitable year.

Shares of Sears tumbled another 13% on the results in afternoon trading.

"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.

Chairman and CEO Edward Lampert, who combined Sears and Kmart in 2005 after helping to bring the latter out of bankruptcy, has long pledged to save the famed retailer, which started in the 1880s as a mail-order catalog business.

On Thursday, executives said they were looking into selling the retailer's Kenmore brand of appliances, which has been one of the bright spots in the company's performance.

Related Articles

  • Amazon geoblocks Australia from US  site as tax change kicks in

    Amazon geoblocks Australia from US site as tax change kicks in

    Amazon is launching a global store accessible to Australian customers, where products from its retail site will be available. Currently GST is only charged on items bought from overseas sites and shipped to Australia if they're worth more than $1000.
    Bill Browder, Prominent Putin Critic, Briefly Held in Spain on Russian Warrant

    Bill Browder, Prominent Putin Critic, Briefly Held in Spain on Russian Warrant

    In an image of a detention report posted by Browder himself on Twitter, police identified the reason for the detention as "fraud". The financier, who is a plaintiff in the Spanish investigation, said Spain is among 15 countries following the money trail.

    Bethesda starts a new Fallout teaser

    The uproar was caused by a single tweet posted to Bethesda Game Studio's Twitter account . Everything is now up in the air and we will keep you posted on the latest information.
  • Weather Authority: Heavy rain and storms possible Wednesday

    Weather Authority: Heavy rain and storms possible Wednesday

    A tropical storm warning is in effect for the Suwannee River in the Big Bend area of Florida to the Mississippi/Alabama border. The storm is the first storm of this year's hurricane season, coming a few day before the season officially starts on June 1.
    Why the Cleveland Cavaliers will win the NBA Finals

    Why the Cleveland Cavaliers will win the NBA Finals

    And over these four years since James returned to northeast OH , the Warriors are 17-9 against the Cavaliers. But the 2018 Finals are shaping up much like last season's championship series, which lasted five games.
    Free 'Pokémon Quest' RPG released today on Nintendo Switch

    Free 'Pokémon Quest' RPG released today on Nintendo Switch

    Earlier this evening, the Pokemon Company announced a brand new Pokemon game for the Nintendo Switch , called Pokemon Let's Go . The unified gaming experience is straight out of Nintendo's playbook, encouraging people to move around and get physical.
  • Roseanne Barr:

    Roseanne Barr: "I'm Not a Racist, Just an Idiot"

    On Wednesday, Barr tweeted: "I just wish ABC had not thrown two of the greatest actors in the world out with me-Laurie and John". Barr, who is white, tweeted Tuesday that Jarrett is a product of the Muslim Brotherhood and the "Planet of the Apes ".
    White House Imposes Tariffs on US Allies EU, Canada And Mexico

    White House Imposes Tariffs on US Allies EU, Canada And Mexico

    The move will likely trigger serious retaliation from the three countries and push the United States to the edge of a trade war. Ross criticized the European Union for its tough negotiating position.
    Apple Upgrades HomePod Speaker With Stereo, Multi-Room Audio

    Apple Upgrades HomePod Speaker With Stereo, Multi-Room Audio

    The lack of stereo pairing and multi-room audio was seen by many as a failing of HomePod, but Apple has now addressed this. When two HomePod's are paired only one will respond to Siri requests, apparently, to avoid both replying at the same time.
  • Rudy Giuliani booed at Yankee Stadium on his birthday on Monday

    Rudy Giuliani booed at Yankee Stadium on his birthday on Monday

    Rudy Giuliani's 74th birthday was a little rough around the edges. Yankee fans gave Rudy Giuliani the Giancarlo Stanton treatment. He now is a member of Donald Trump's legal team.
    Serena Williams makes winning return to Grand Slam action at Roland Garros

    Serena Williams makes winning return to Grand Slam action at Roland Garros

    But all the same Serena was too strong, too good, simply too Serena for her world 70-ranked opponent. "I feel good. Her baby was born on September 1, and Williams married Reddit co-founder Alexis Ohanian in November.
    Canadian government to buy pipeline project from Kinder Morgan for $4.5bn

    Canadian government to buy pipeline project from Kinder Morgan for $4.5bn

    The province said it had pledged up to $2 billion for the project if needed, but said it may not need to use any of those funds. Prime Minister Justin Trudeau emphasized those differences in his first public comment since his government's announcement.