Sears, 1 Kmart stores in N.J. set to close

Sears is closing at least 72 stores nationwide

Sears is closing at least 72 stores nationwide

Those stores will close by early September.

The retailer has identified 100 non-profitable stores in total, and it will begin closing sales at 72 of these stores "in the near future". The locations haven't been disclosed yet.

After the latest closings, there will be about 820 Sears and Kmart stores, down from about 2,000 locations five years ago.

Earlier this year, Sears sold its Crabtree Valley Mall property back to the mall for almost $20 million but signed a leaseback agreement.

The four MI stores being closed are the Sears stores located in Flint, Dearborn, Sterling Heights and Traverse City.

Sears announced Thursday morning that they planed to close another 72 stores as sales plunge and losses grow but later shortened the list to 63 as some stores be evaluated further. "By diminishing the quality of the in-store experience, Sears has basically trained consumers to avoid going inside".




Shares fell as much as 13 percent before the start of regular trading.

But the company has closed some North Carolina stores already.

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

On Thursday afternoon, Sears Holdings released a list of stores that would soon be shuttered. In the first quarter, Sears reported a loss of $424 million, or $3.93 per share. Now it's hired a second set of advisers to re-shop its Kenmore appliance brand along with some home-services businesses. Last year's gain included $492 million from the sale of Sears' Craftsman tool brand to Stanley Black & Decker, a deal valued at roughly $900 million overall.

"This company is on life support", said Sucharita Kodali, a retail analyst for research firm Forrester.

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