Sears' latest closings include Fox Valley store

Surrendering Stores       Sears and Kmart stores now number less than 1,000              Source Company filings Bloomberg

Surrendering Stores Sears and Kmart stores now number less than 1,000 Source Company filings Bloomberg

After more than six years of shrinking sales, the parent company of Sears and Kmart announced Thursday it would shutter another 63 stores.

In its latest quarterly earnings report, Sears said that comparable store sales fell 9.5% at Kmart and a whopping 13.4% at Sears locations.

But, when the names were announced, the company said some stores were pulled off the closing list "as they are being evaluated further".

Revenue fell 31.2 percent to $2.89 billion in the reported quarter, partly because of store closures.

To stem losses, Sears has closed almost 400 stores since past year, leaving 894 stores still open as of May 5.

The latest round of store cuts comes on top of 303 Kmart and 123 Sears stores that closed in the year leading up to February 3, a year in which the company also shed more than 50,000 jobs.

“The Sears closing presents a potential opportunity to create viable new uses both in terms of the existing retail space and the large number of parking spaces dedicated to Sears customers, ” Bahorski said in an email. He's the retailer's biggest shareholder and has been using his own money for years to keep the 125-year-old chain open.




Sears said it would close 63 stores around the country including the one in Vernon Hills.

The closings mark the latest move in the company's bid to stay afloat, which saw a glimmer of hope last month when CEO Eddie Lampert offered to purchase the struggling retailer's real estate through his hedge fund, ESL Investments Inc., in order to salvage his retail enterprise.

The liquidation sales will start on June 14.

The two remaining Sears stores in Western New York dodged a bullet Thursday.

The most recent round of closings will leave the company with 594 Sears department and specialty stores, and 609 Kmarts, according to the company. Other store closings will be announced at a later date.

"I'm astonished", said Sears shopper Nancy Boren. On Thursday, its shares plunged by more than 12 percent to $2.81. It also closed its stores in the Southpark Mall in Colonial Heights in January and in Regency mall in Henrico County in September.

Sears also said it will at least explore selling its DieHard brand of auto parts and accessories and its home improvement products and PartsDirect businesses.

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