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Sears to close 72 more US stores
Troubled retailer posts First Quarter loss, puts 100 'underperforming' stores on notice - locations still to be announced
Troubled 'big box' retailer Sears Holdings plans to close 'at least' 72 of its U.S. stores, according to a statement released by the company this morning.
Announcing a $424million First Quarter loss Sear's Chairman and Chief Executive Edward S. Lampert said, "In a challenging quarter, we continued to focus on our strategic transformation, identifying additional opportunities to streamline operations".
As part of this streamining process, Lampert continued, "We have identified approximately 100 non-profitable stores, of which 72 will begin store closing sales in the near future".
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Sears Holdings is the parent copmpany of both Sears and KMart. The company currently operates 894 stores, down from the 3,500 it operaated when the two companies merged in 2005. The company's last profitable year was 2010 and has lost $11.2billion since then.
The list of stores closing is due to be released later today.
