Sears to close 72 more stores as sales plunge


Sears will close dozens more stores as sales shrink and losses grow, but none of the company's stores in Nebraska were among those slated for closing.

Employees at the Sears store in ShoppingTown mall say they received notice that their location would close in September. It has also faced growing competition from stores like Home Depot, Lowe's and Best Buy.

That includes the Sanford store, one of our Sears department stores in Central Florida.

In January, the retailer announced it was closing 103 stores, including the store at Orland Square Mall.

At least 10 years ago the company should have invested more in its stores and product ranges to try to become more of a destination retailer, he said.

Sears, which has seven stores in the Triangle, announced Thursday that it would close another 72 stores as it continues to struggle with plunging sales.

Chief Executive Officer Edward Lampert has been striving to revive the company by closing unprofitable stores and selling or spinning off assets like its Lands' End clothing unit.

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The Sears in Mesa's Fiesta Mall and Kmarts in Casa Grande, Tolleson and Show Low were shuttered earlier this year.

"Eligible associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores", the company said in a release.

"While we had a challenging first quarter, we remain focused on improving our financial performance and enhancing our liquidity", Lampert said in a prepared statement.

Sears reported a net loss of $424 million for the first quarter of 2018. Three other Sears locations in Vernon Hills, Aurora and Gurnee will also shut down, while a Kmart in Rockford is also expected to close its doors.

Last year's positive earnings were the result of $492 million recognized in the sale of the company's Craftsman brand.

The closures will leave New Jersey with 34 Sears and 15 Kmart locations. Revenue, meanwhile, dropped more than 30 percent to $2.89 billion.