Sears to close another 72 stores as sales plunge

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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.

Read more here. 

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