Sears to close another 72 stores as sales plunge

Sears to close another 72 stores as sales plunge

This isn't the first time the retailer has announced a list of closings this year.

NEW YORK (AP) - Sears will close over 60 more stores as sales shrink and losses grow, an announcement that has become a familiar refrain as the company retrenches.

The breakdown of targeted stores came after Sears announced a almost half-billion dollar loss in the quarter, sending its already depleted stock tumbling. Three other Sears locations in Vernon Hills, Aurora and Gurnee will also shut down, while a Kmart in Rockford is also expected to close its doors. After the just-announced closings, that number will shrink to roughly 820.

Those were the only two MA or CT locations included in the closing list.

"Our top priority is successfully executing our transformation to return to profitability and remain a competitive retailer for years to come", said Riecker, despite a "challenging" first quarter.

Altogether, it appears as if Sears Holdings could be closing roughly 275 Sears and Kmart stores this year. The next closest is in Bradenton. (Sears initially said Thursday that 72 stores would close, then later revealed that some of the planned closures were being reevaluated).

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The Sears in Mesa's Fiesta Mall and Kmarts in Casa Grande, Tolleson and Show Low were shuttered earlier this year.

The release states that the closures are part of the company's ongoing efforts to streamline its operations and focus on its best-performing stores.

Same-store sales during the period dropped 13.4% at Sears stores and fell 9.5% at Kmart. Sears shareholders argued that the "highly conflicted transaction" would probably "plunge the company into insolvency".

Earlier this month, the retailer said it would begin selling tires on Amazon.com, where it already sells its Kenmore line of appliances, giving consumers another way to avoid its stores. Its leadership says its working to position itself as a competitor again. The company said on Thursday it would not further comment on the process.

The company closed more than 400 stores a year ago and is in the process of closing its store at the former Summit Park Mall, which began liquidation sales earlier this month.

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