In the wake of plunging sales numbers that don’t look like they’ll be recovering anytime soon, Sears has reportedly decided to close 63 more of its stores.
CNN Money (CNNMoney) reports, on Thursday Sears revealed a list of stores they plan to close in the near future. Sears said it identified 100 non-profitable Sears and Kmart stores, and picked out 63 for closing “in the near future.” The company had initially announced plans to close 72 stores. They pulled back from that number a little, when they announced that it would be 63 instead. 48 of the stores marked for closing are Sears and the other 29 are Kmart locations. As for the other 9 that made up the 72, Sears said those will be evaluated further and still may make it on the list of closing locations.
Sears reported their overall revenue fell 31% in a three month period ending on May 5th. The decline reportedly comes mostly from the closing of previous stores during that 3-month period. Sears and Kmart sells were down 12% from its stores that remained open during that 3-month time. In its search for cash, Sears sold its Craftsman tool brand last year. They are now looking to sell its Kenmore appliance brand.
I used to work for Kmart back in 06-07 right around the time that Sears purchased Kmart in an attempt to save both stores from going under. I can tell you firsthand that this downhill slide the franchise now finds itself in, was already in the making even way back then. This was before the meteoric rise of online retailer, Amazon. Sears and Kmart stores have been in trouble since the early 2000’s or late 90’s when Wal-Marts started popping up everywhere. The only way I see Sears and Kmart surviving this, will be by focusing more attention on online sales and trying to obtain more Sears/Kmart exclusive brands…..not selling them.