Davenport Sears store on closing list

Sears Prepares for More Store Closings as Revenue Slumps

Sears to close about 100 more stores, most locations to be announced today

A list of the 72 stores will be announced soon, the company said. 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.

Even though the current retail environment is hard for many retailers, Sears' performance has been much worse than its rivals.

Liquidation sales at the store will begin on June 14.

In a news release, company officials said it notified associates at 15 Kmarts and 48 Sears stores that their locations will close.

Shares are down more than 3 percent before the opening bell.

Lampert adds that Sears will continue to explore opportunities to unlock the full potential of its assets for shareholders, such as third-party partnerships and small-format stores that blend brick-and-mortar locations with online experiences.

Sears Holdings Corp. has announced that more closings are on the way, after shuttering almost 400 stores over the past year due to poor sales.

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The Sears at the Genesee Valley Center mall is among the growing list to close.

But, Sears Holdings again has announced it will close more stores - this time it will close 63 Sears and Kmart stores.

The chairman and CEO of Sears Holdings is hedge fund manager Eddie Lampert, who is also both the company's biggest investor and a major lender.

The former retail giant reported a $424 million first-quarter loss and has identified at least 100 non-profitable stores. When Sears actually published the list of stores closing, however, the company wound up changing the tally.

The retailer said in a statement that it plans to take further action "with respect to certain near-term maturities of our debt, including through repayments, refinancings and extensions".

The operator of Sears and Kmart stores posted a first-quarter loss of $3.93 a diluted share. That was after it had sold off the Sears Craftsman brand and as it looks for a buyer for its Kenmore appliance brand.

In recent years, Sears has been closing stores, divesting brands and spinning off units while it struggles with declining sales.

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