Sears at Lakeside Mall to close this fall

03 June, 2018, 17:28 | Author: Darnell Patrick
  • Surrendering Stores       Sears and Kmart stores now number less than 1,000              Source Company filings Bloomberg

Employees at the Sears store in ShoppingTown mall say they received notice that their location would close in September.

Sears, the struggling department store giant that's been shuttering stores for years, just announced a new round of store closures-and it's a doozy.

As online retail sales have boomed, Sears has announced a string of mass store closures - including back in 2011, when it said it would shutter more than 100 Kmart and Sears locations.

"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 in a statement announcing its first-quarter results. Sears said the company will post a list of the store closings later today with liquidation sales coming soon. Sears Holdings LLC reports total revenue fell 32 percent to $2.89 billion in its May 5, 2018 report, down from $4.19 billion in its April 29, 2017 report.

Sales at Sears stores open at least one year, a closely watched industry metric, fell 13.4 percent during the most recent quarter. A full list of store closures can be found here.

Earlier this year, Sears sold its Crabtree Valley Mall property back to the mall for almost $20 million but signed a leaseback agreement.

Five years ago, there were 2,000 Kmart and Sears stores across the country.


Sears Holdings announced in April and May the Sears at the Clearwater Westfield Countryside Mall and the Kmart stores on USA 19 and in Brandon would shut down.

Furthermore, Sears used to be a goliath in appliance sales, but other large retailers, such as Home Depot and Lowe's, compete strongly in that area now, Saunders said.

Sears is also exploring the sale of its Kenmore brand.

"I'm astonished", said Sears shopper Nancy Boren.

The latest closings underscore the deep-rooted problems at Sears, which was once a one-time powerhouse retailer that survived two world wars and the Great Depression but has been selling pieces of itself as it burns through money.

Also on the chopping block are stores at Genesee Crossing mall in Flint and Cherryland Center shopping complex in Traverse City.

Recommended:



Popular

Trump to slap tariffs on steel, aluminum from EU on Thursday
Trump first announced tariffs of 25 percent on steel and 10 percent on aluminum for national security reasons in March. But Macron said those "who waged bilateral trade wars. saw an increase in prices and an increase in unemployment".

Valve removes controversial school-shooting simulator from Steam
That process takes between one to five days, Valve says, and makes sure the game is working and "not doing anything harmful". The game included a box on the screen that shows how many police officers and civilians have been killed.

LeBron James: Kevin Durant addresses critics ahead of NBA Finals
With the help of Second Spectrum, we take a look at what Klay Thompson and Steph Curry need to do in Game 7 to beat the Rockets. Ariza and Dennis Johnson are the only two players to go 0-for-12 or worse in a Game 7, according to Elias Sports Bureau.

Brad Stevens on defending LeBron James: 'It's a joke'
Tristan Thompson? He took four shots, made them all. "Didn't know if we were going to make trades or not". The 6-foot-10 forward started in the place of Kevin Love (concussion) and scored 19 points.

South Korea vows to faithfully implement summit agreement with NK
Kim agreed at a surprise meeting on Saturday that a possible North Korea-U.S. summit must be held successfully, Mr. However, the South Korean leader said Kim remained uncertain about US pledges to protect the Kim regime.

Madden NFL '19 release date, Hall of Fame cover athlete announced
Interestingly, there is no word of story mode returning, which was introduced with last year's installment. This game will focus on "Real Player Motion" technology, custom draft classes, and Ultimate Team.

Jacksonville lands 13th on list for population growth
Excluding Seattle, the county grew by just about 15,000 people a year ago , for a growth rate of 1 percent. In Bend's case, the Census Bureau believes Bend has about 9 percent more residents than PSU figured.

M&S to close 14 Clothing & Home stores by 2019
M&S has launched a series of turnaround plans since the financial crisis - with clothing and home consistently dragging. However, shares in M&S were up 4.5% at 304.90 pence on Wednesday, having hit a high of 311.00p earlier in the session.

5 pictures that prove Princess Charlotte is already a superstar
George's Chapel, her true shining moment came while looking out the window of the auto when she arrived at the ceremony. The Duchess of Cambridge arrived with Prince George (l), Jasper Dyer, Princess Charlotte (r) and Florence van Cutsem.

Santa Fe school shooting renews debate over gun control
Santa Fe Independent School District Police Chief Walter Braun said Monday Barnes was in the intensive care unit after surgery. According to CNN , there have now been 22 shootings on school premises in the us this year in which someone was hurt or killed.