Sears at Lakeside Mall to close this fall

03 June, 2018, 17:28 | Author: Darnell Patrick
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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.

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