Sales Have Fallen For 26 Quarters In A Row And More Stores Are Closing – Is This The End Of The Line For Sears?

Friday, June 1, 2018
By Paul Martin

by Michael Snyder
EndOfTheAmericanDream.com
May 31, 2018

When sales have declined for 26 quarters in a row, you have got to know that your days are numbered. Once upon a time, Sears was an unbeatable retail powerhouse. It survived two world wars and the Great Depression, but thanks to competition from Amazon and other online retailers it may not even survive 2018. On Thursday, shares of Sears fell to a depressingly low level of just $2.91 once news broke that the company was going to close dozens of more stores. But to be fair, Sears doesn’t have a choice. If you can believe it, Sears lost an astounding 424 million dollars during the first three months of 2018. Frankly, I don’t even know how that is possible. If all their employees did all day was flush one dollar bills down the toilet, I still don’t think that they could lose that kind of money. This is a company that is being horrendously mismanaged, and as I have said so many times before, Sears is ultimately heading to zero.

Company revenue was down 30 percent during the first quarter of 2018 compared to a year ago, and store closings accounted for about two-thirds of that decline.

But same-store sales were way down too – 11.9 percent – and that means that more stores have to close.

Sears has announced that they have “identified 100 unprofitable stores” and that 72 of them will be shut down “in the near future”…

The retailer has identified 100 unprofitable stores in total, and it will begin closing sales at 72 of these stores “in the near future.”

“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 fiscal first-quarter results.

On Thursday, we got a list of 63 of the stores that will be closed, and you can see that list right here. Additional store closings will be announced at a future date.

The Rest…HERE

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