Is this the end for Sears? Retailer to close 100 stores across the country as sales plunge and losses grow

Thursday, May 31, 2018
By Paul Martin

Sears lost $424million – $3.93 per share – in this year’s first quarter
It has identified 100 stores which no longer make a profit and will be closed
The first 72 will be announced by midday on Thursday and the others will follow
The company’s share price dropped by 9.34% on Thursday morning to $2.91

DailyMail.com
31 May 2018

Sears will close another 100 stores as sales plunge and losses grow.

The beleaguered retailer said that it has identified 100 locations that are no longer turning a profit, and the majority of those locations will be shuttered soon.

The first 72 to be closed will be announced by midday on Thursday and the others will be announced afterwards.

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.

Sears Holding’s CEO and chairman said it had been a ‘challenging’ quarter but that it remained optimistic.

‘In a challenging quarter, we continued to focus on our strategic transformation, identifying additional opportunities to streamline operations and adjust inventory and operating expenses while staying focused on our Best Members, Best Categories and Best Stores.

‘Our Shop Your Way membership program and Integrated Retail Strategy are our key priorities, and we continue to look for new ways to leverage our Shop Your Way ecosystem to drive improvements in value for our members and to increase the frequency and amount of their engagement,’ he said.

Lambert added the company would explore third party partnerships to try to bolster profits.

‘We believe these initiatives, among others, will help us to strengthen the Company and better position it for the future,’ he said.

Revenue tumbled more than 30 percent to $2.89 billion, with store closings already underway contributing to almost two thirds of the decline.

The Rest…HERE

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