Sears will close 72 stores, possibly more, after reporting a $424 million first-quarter loss.
We continue to evaluate our network of stores, which are a critical component in our transformation, and will make further adjustments as needed and as warranted. Sears said the company has identified approximately 100 non-profitable stores, 72 of which will begin store closing sales in the “near future.
A list of the 72 stores will be shared by mid-day Thursday, the release states.
“We continue to evaluate our network of stores, which are a critical component in our transformation, and will make further adjustments as needed and as warranted,” the release states.
Just last year, two locations in Northeast Ohio closed: the stores in Mentor and Middleburg Heights.
Sears Holdings Corp., based in Hoffman Estates, Illinois, lost $424 million, or $3.93 per share, in its first quarter.
It earned $245 million, or $2.29 per share, a year earlier, a quarter that included a $492 million gain tied to the sale of the Craftsman brand.
Revenue tumbled more than 30 percent to $2.89 billion, with store closings already under way contributing to almost two-thirds of the decline.
Shares are down more than 3 percent before the opening bell.