Published: Fri, June 01, 2018
Entertaiment | By Minnie Bishop

Sears is closing another 72 stores

Sears is closing another 72 stores

Eligible employees will receive severances and will be able to apply for jobs at other area Sears and Kmart stores. Chattanooga, Tenn. -based CBL Properties, which owns the mall, said earlier Thursday that it did not expect the mall store to be affected.

There are three other Sears department stores in the region at Oviedo Mall, Altamonte Mall and Florida Mall.

The Sears in Davenport and the K-Mart in Des Moines are among 72 stores the Sears Holdings company plans to close in early September. The Summit store will close to the public in August.

In a statement, the company announced it had identified 100 nonprofitable stores and that 72 would close soon.

Sears is closing more stores.

Facing declining mall traffic, heightened online competition and strategic missteps, Sears sales have plummeted.

To stem losses, Sears has closed almost 400 stores since past year, leaving 894 stores still open as of May 5.

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The closures include two sites in Louisiana - a Sears in Alexandria, and a Kmart in Lake Charles.

In 2011, when it posted its last increase in revenue, the company reported $9.4 billion.

Sears is also exploring the sale of its Kenmore brand.

Sears said sales dropped 30 percent in the most recent quarter, leading to a loss of $424 million.

That way consumers can have their tires shipped to Sears and put on locally, but get Amazon prices, according to Sears' earnings announcement.

Revenue tumbled more than 30 percent to $2.89 billion, with store closings already underway contributing to nearly two thirds of the decline. The results from the year-ago quarter included a $492 million benefit related to the sale of Craftsman.

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