Sears To Close Another 2 Stores Locally, 72 Stores Nationwide, As Sales Plunge
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NEW YORK (CBS/AP) — Sears will close another 72 stores, seven total in New Jersey and Pennsylvania, as sales plunge and losses grow.
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The beleaguered retailer said that it has identified about 100 stores that are no longer turning a profit, and the majority of those locations will be shuttered soon.
This is the list of stores closing in New Jersey and Pennsylvania, including two locally:
Kmart 24 34 Barbour Avenue Passaic / Clifton NJ
Sears† 300 Quaker Bridge Mall Lawrenceville NJ
Sears* 2341 Rt 66 Ocean NJ
Sears* 2501 Mt Holly Road Burlington NJKmart 1072 Mountain Laurel Plaza Latrobe PA
Sears* 300 S Hills Village Pittsburgh / South Hills PA
Sears 1000 Robinson Center Drive Pittsburgh PA
The complete list of closures can be found here.
Sears lost $424 million, or $3.93 per share, for the period ended May 5. 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.
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Revenue tumbled more than 30 percent to $2.89 billion, with store closings already underway contributing to almost two thirds of the decline.
Sales at stores open at least a year, a key gauge of a retailer's health, tumbled 11.9 percent. Comparable-stores sales slid 9.5 percent at Kmart stores, and 13.4 percent at Sears.
The one-time powerhouse retailer that survived two world wars and the Great Depression has been calving off pieces of itself as it burns through money.
Kenmore, the retailer's appliance brand, became the latest potential sale after ESL Investments, the company's largest shareholder, headed by Sears Chairman and CEO Edward Lampert, said it might be interested in buying it.
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Lampert, who combined Sears and Kmart in 2005 after helping to bring the latter out of bankruptcy, has long pledged to save the famed retailer, which started in the 1880s as a mail-order catalog business.
Shares of Sears Holdings Corp., based outside of Chicago in Hoffman Estates, Illinois, fell more than 4 percent before the opening bell Thursday.
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)
