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.
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“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.
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By GlobalData
