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Sears to close 63 more stores

RBR Staff Writer Published 06 November 2017

Retail chain Sears has unveiled plans to close down 63 more stores in late January 2018.

The company recently informed its employees that 18 of its Sears stores and 45 of Kmart stores will be closed including five stores in Ohio.

The announcement did not say anything about the number of employees being affected, but stated that all the 63 stores will remain open until the holiday season is over, but liquidation will start at the affected stores in early November.

Sears has already closed down more than 350 of stores this year.

Employees at the 63 stores are expected to receive severance pay and an opportunity to apply for jobs at other stores of Sears, Kmart and Hoffman Estates.

In a statement, the company said: “Sears Holdings continues its strategic assessment of the productivity of our Kmart and Sears store base and will continue to right size our store footprint in number and size.

"In the process, as previously announced we will continue to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members."

For some years, the company has been struggling from the onslaught of online retailers such as Amazon and from other retailers including Wal-Mart, Home Depot and Best Buy.

In August, the company’s revenues declined to $4.4bn for the three months ended July, compared to $5.7bn for the same quarter of the previous year.

As part of the restructuring plan, the company has initiated to cut $1bn in costs annually and to cut its debt by $1.5bn. This March, it sold one of its brands Craftsman to Stanley Black & Decker for about $900m. 


Image: Sears will close its stores in next January, after the holiday season is over. Photo: Courtesy of Sears Brands, LLC.