Embattled US department store retailer Sears Holdings has announced another tranche of store closures, which will see a further 46 unprofitable locations shuttered before the end of the year.

In a company statement, Sears said the closures are part of its ongoing efforts to streamline the businesses’ operations, strengthen its capital position and focus on its best stores.

“We continue to evaluate our network of stores, which is a critical component to our integrated retail transformation, and will make further adjustments as needed,” Sears said.

The news follows an announcement in June that Sears would close 72 stores as it revealed a net loss and a sharp decline in group sales in its first-quarter.

During the period, the company swung to a loss of US$424m from earnings of $245m in the year before, which included a gain of $492m in conjunction with the sale of the Craftsman brand. Net sales slumped to $2.9bn from $4.2bn, with store closures contributing to nearly two-thirds of the decline. Total comparable store sales were down 11.9% during the quarter, which comprised a 9.5% decline at Kmart and a 13.4% decline at Sears.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.