Sears Holdings Corp., which controls Sears and Kmart, says on May 31 that, “It has identified approximately 100 non-profitable stores, 72 of which will begin closing sales in the near future,” in the latest sign of the retailer’s struggles to stay afloat.
Sears and Kmart operated 894 stores at the end of the first quarter, 381 fewer than it did a year ago. In January 2018, the embattled company announced the shuttering of 64 Kmart stores and 39 Sears stores, adding to the hundreds of closures that have taken place over the past few years. Some locations are currently being auctioned off online.
Sears Holding announced the closures in its quarterly results released on May 31, in which it reported total revenues of approximately $2.9 billion — down from $4.2 billion in the same quarter a year ago.
Two weeks ago, the company announced they would be closing 40 stores in 24 states, and before that, they said 166 stores would be closing in 2018. So at this point, 275 stores could be set to close this year.
The closings come as the company deals with sluggish sales. Overall revenue fell 31% in the last three months, though most of that was because of closed stores, even still, sales slumped by 12% in the stores that stayed open.
The Wall Street Journal reported that Sears is considering selling off its Kenmore appliance brand, as well as other units of its business. Last year, it sold the Craftsman brand to Stanley Black & Decker.