Sears closes another 20 stores

Jun 24, 2017, 00:47
Sears closes another 20 stores

Sears announced Thursday that the longstanding Station Mall anchor store is expected to close after more than 43 years of operation as part of the parent company's plan to restructure the ailing business.

Fung's research validates Sears' hopes that customers whose local stores close will gravitate to its website and other locations, but Sears and Kmart together are likely to retain just 17% of their former sales volume, compared to 22% for J.C. Penney and 25% for Macy's.

The company is not releasing how many people will be laid off, he said. If a store is "unprofitable as defined" in the agreement between the companies, Sears has the option to exit the lease by making a payment equal to one year of rent, a Sears spokesman told CNBC.

The company was spending about $11.2 million annually in rent on the 20 leases, according to Seritage, which was formed in 2015 in a sale-leaseback deal that provided Sears with financial aid and real-estate flexibility.

It will remain open as Sears Canada Group closes down 59 of its 225 stores across the country.

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We have been strategically and aggressively evaluating our store space and productivity, and have accelerated the closing of unprofitable stores as previously announced.

Sears announced its first round of store closures in January, and many people believe the department store chain is headed down a path toward filing for bankruptcy, as the retailer struggles to grow its sales. "Approximately $1 billion of that total will come from Macy's closures, $1 billion from Sears and Kmart closures, and $500 million from J.C. Penney closures, we estimate".

Sears is hardly the only retailer shuttering locations.

The store is located in Acadiana Mall. Lampert is chairman of both Sears and Seritage.

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