Sears Holdings announced it would close 72 stores Thursday morning, May 31 but reduced that number to 63 closures after deciding to evaluate nine locations before making a decision. In the latest period, Sears said roughly two-thirds of its sales decline was tied to store closures.
Sears Holdings, which owns Kmart and Sears stores, announced a continuing trend of declining revenue and increasing financial losses on Thursday. When Sears actually published the list of stores closing, however, the company wound up changing the tally.
Also on the chopping block are stores at Genesee Crossing mall in Flint and Cherryland Center shopping complex in Traverse City.
The company's announcement came as it revealed more losses in its first-quarter earnings report.
Earlier this month, Sears said it would begin selling tires on Amazon.com, where it already sells its Kenmore line of appliances, giving consumers yet another reason to avoid its stores.
The store will close September 2, the workers said.
Petrol price cut by 60 paise per litre, diesel by 56 paise
The reduction would cause a yearly loss of Rs 509 crore to the state exchequer on the tax front, he said. Delhi has the cheapest price among all metros and most state capitals.
Sears said comparable-store sales at both Kmart and Sears grew in several categories, including apparel, footwear and jewelry.
Sears Holdings, based in Hoffman Estates, Illinois, lost $424 million, or $3.93 per share, in its first quarter.
The company had a total of 894 stores at the end of its first quarter, 381 fewer than it had at the same time previous year.
Heading into Thursday's announcement, Kmart and Sears had 30 stores in MA.
Three Sears and one Kmart stores in New Jersey will be among the 72 across the country to close. Sales at stores that had been open for at least a year dropped 11.9 percent. Amazon began selling Sears's Kenmore brand of ovens, washers and other appliances previous year.
Revenue at Sears Holdings fell to about $2.9 billion in the quarter from $4.2 billion in the same period of 2017, with store closures contributing to almost two thirds of the decline, the company said.