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Sears Plans To Close 63 Stores

Sears has announced another round of store closures as sales continue to decline.
Sears has announced another round of store closures as sales continue to decline. Photo Credit: File

Sears has announced another round of store closures as sales continue to decline.

Sears Holdings Corp., which also owns Kmart, said in an earnings statement Thursday it plans to close 63 of about 100 nonprofitable stores.

The company initially announced plans to close 72 stores, but later in the day adjusted that number to 63 stores: 48 Sears stores and 15 Kmart stores. Nine additional stores that it initially planned to announce would close will be evaluated further.

There are 529 Sears stores and 365 Kmart stores in the U.S.

The list of the stores slated for closure will be released later in the day Thursday, Sears said.

"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," the company said.

Sears Holdings reported a first-quarter loss of $424 million, or $3.93 per share, on $2.9 billion in revenue the quarter, compared to revenue of $4.2 billion in the same period last year.

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