Sears Holdings To Close Sears And Kmart Stores As The Firm Continues To Struggle

Sears Holdings To Close Sears And Kmart Stores As The Firm Continues To Struggle

Sears Holdings is on the way to close a minimum of three additional stores as the retailer is going through severe issues. The future of the firm is supposed to be heading into a critical situation ahead of the holiday shopping season. As per layoff notices filed to the government authorities, the firm is closing one Kmart and one Sears store in New York. At the same time, it will be closing one Kmart store in Virginia also.

According to the reports by Business Insider, the firm is on the way to close another five Sears and three Kmarts at about 11 locations in its recent round. The firm has closed a few hundred stores in the earlier years. Sears had to take this decision in an attempt to stabilize its finances at the time of its lowered sales. The most recent round was announced by the company on August 23, 2018.

On a similar note, earlier last month, Sears Holdings came into the news as it disclosed yet another huge loss in the second quarter. The firm had to face a loss of about $508 Million. This figure is said to be almost twice of its losses in the earlier year. The total sales of the firm was jumped by over a quarter, mostly due to store closings. Sales at stores that remained open were down 4%. They were found to be up again in July and August of 2018.

Reportedly, Sears had plans to reveal its earnings prior to the market opened this week. However, the firm was not successful to follow its own deadline. Instead, it had to report the same after the closing bell. Officials representing the firm again proclaimed that the firm is making progress to close down the loss-making stores. They added that this move is the part of their attempts to turn the firm around.

Lawrence McAlpine

Lawrence is among the budding member of our team presenting his skills at simplifying the business-related concepts and terms in a simple manner. By gaining insights into several businesses from across the world, Lawrence puts forth the best of his knowledge and latest trends about a business in his articles in a skillful way. Apart from this, Lawrence also has a keen interest in politics and maintains a separate blog to put forth his viewpoints and opinions on several political affairs.

Leave a Reply

Your email address will not be published. Required fields are marked *