Sears to close 4 MI stores September

Sears to close 4 MI stores September

Sears to close 4 MI stores September

Kmart on Busch Boulevard will close by early September and Sears at Citrus Town Center will close by late June. The list of stores closing was released, and no Nebraska locations are included.

In this Thursday, March 29, 2018, photograph, the sign hangs over a set of doors leading to a Sears store in Littleton, Colo.

Four of the stores are located in MI, one of which is in Traverse City.

The most recent round of closings will leave the company with 594 Sears department and specialty stores, and 609 Kmarts, according to the company.

On May 5, there were 529 Sears stores and 365 Kmarts in the United States and two USA territories - Puerto Rico and the Virgin Islands, a company spokesman said.

The company closed more than 400 stores previous year and is in the process of closing its store at the former Summit Park Mall, which began liquidation sales earlier this month.

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The company is looking to raise cash through a potential deal with ESL Investments, the hedge fund run by Sears' CEO, Eddie Lampert.

Sears says a small group of stores on the list of 72 have been pulled for further evaluation.

Sales at stores open at least a year, a key gauge of a retailer's health, tumbled 11.9 per cent. Comparable-stores sales slid 9.5 per cent at Kmart stores, and 13.4 per cent at Sears.

After this round of closures, Sears will have about 800 stores, down from about 1,000 at the end of a year ago and far below the 2012 peak of 4,000 stores. In a search for more cash, the company is now weighing whether or not to sell off its Kenmore and DieHard brands. Last year, Sears sold its Craftsman brand to Stanley Black and Decker for $900 million.

Revenue fell more than 30 percent to $2.89 billion.

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

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