Money Sears is quietly closing more stores than it said it would

00:25  21 april  2017
00:25  21 april  2017 Source:   businessinsider.com

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Sears Holdings is closing more than two dozen additional stores , on top of the 150 closures announced in January. In a rare interview last week, Lampert spoke about the retailer's troubles and said "the reality is better than the perception." He told the Chicago Tribune that Sears is "fighting like

Now the company is closing even more stores . Sears , which owns both Sears and Kmart stores , has been notifying local media of the additional closures over the last several weeks. Sears now has fewer than 1,500 stores , down from 2,073 five years ago.

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Sears Holdings is closing more than two dozen additional stores , on top of the 150 closures announced in January. Regarding the potential for a Sears bankruptcy, he said , "We have as much time as our vendors and our lenders and our shareholders are willing to give us.

Seritage Growth Properties, a company that owns more than 235 Sears and Kmart stores , is behind several of the closures , as Business Insider reported Sunday. under pressure from The company will be closing 30 more Sears and Kmart stores in early 2017. Photo: Elise Amendola, Associated Press.

Quotes in the article

Sears Holdings Corp

SHLD

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  3 Huge Mistakes Explain Why Sears Is Now Dying Everyone knows it's only a matter of time before Sears Holdings Corp. drops dead. From draining its cash position to $286 million in 2016 from a high point of $1.7 billion in 2009 to having disastrous holiday seasons to not generating cash flow from its operations or seeing revenue growth since 2006, Sears is on a slippery slope to demise.Even Sears admitted as much last week."Substantial doubt exists related to the company's ability to continue as a going concern," the struggling retailer said in an annual report filed with the Securities and Exchange Commission.

Sears Holdings announced in January that it would shut down 150 stores this year, with most

Now the company is closing even more stores . Sears , which owns both Sears and Kmart stores , has been notifying local media of the additional closures In a rare interview last week, Lampert spoke about the retailer’s troubles and said “the reality is better than the perception.” He told the Chicago

13.64
-0.32
-2.29%

Sears Holdings announced in January that it would shut down 150 stores this year, with most locations closing by April.

Now the company is closing even more stores.

Sears, which owns both Sears and Kmart stores, has been notifying local media of the additional closures over the past several weeks.

Most of the stores on the new list will start liquidation sales in April and close in July.

Sears didn't immediately respond to a request for comment on how many more closures will occur this year.

We compiled a list of the additional closures that the company has revealed so far, and will update this list as we learn of more locations that will shut down.

Kmart

-33400 W. Seven Mile Rd, Livonia, Michigan

-424 Dairy Road, Kahului, Hawaii

-4480 Indian Ripple Road, Dayton, Ohio

-16881 Conneaut Lake Road, Meadville, Pennsylvania

-1 Millbrook Plaza Lane, Mill Hall, Pennsylvania

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  The retail apocalypse is creating a 'rolling crisis' that is rippling through the US economy <p>Retailers are closing thousands of stores and going bankrupt at a rate not seen since the recession, and tens of thousands of people are losing their jobs as a result.</p>Retailers are closing thousands of stores and going bankrupt at a rate not seen since the recession, and tens of thousands of people are losing their jobs as a result.

Now the company is closing even more stores . Sears , which owns both Sears and Kmart stores , has been notifying local media of the additional closures over the last several weeks. Sears now has fewer than 1,500 stores , down from 2,073 five years ago.

Now the company is closing even more stores . Sears , which owns both Sears and Kmart stores , has been notifying local media of the additional closures over the last several weeks. Over the last month, the list of additional closures has grown from about five stores to more than two dozen.

-300 Lincoln Ave, East Stroudsburg, Pennsylvania

-17911 Pacific Ave., S. Spanaway, Washington

Sears

-Aventura Mall, 19505 Biscayne Blvd, Miami, Florida

-3199 N White Sands Blvd, Alamogordo, New Mexico

-Northwoods Mall, 7801 Rivers Ave, Charleston, South Carolina

Sears chief financial officer, Jason Hollar, suggested in March that the company would be closing stores in addition to the 150 already announced this year.

In a prerecorded conference call, Hollar said the company was looking for ways to generate "liquidity" — in other words, cash — and he specifically highlighted the company's real estate.

"We have a valuable real-estate portfolio, which at the end of the fourth quarter comprised 1,050 leases with significant optionality, as well as 380 owned stores, many in prominent locations," Hollar said. "We will continue to assess opportunities to right-size our store footprint and inventory levels aligned to our ongoing transformation to an asset-light integrated retail model."

Sears is under pressure from years of plunging sales , and investors have been supportive of the company's decision to close its unprofitable stores.

Sears now has fewer than 1,500 stores, down from 2,073 five years ago.

If you work for Sears and your store is closing, reach out to retail@businessinsider.com.

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Another retailer joins Sears in flagging 'substantial doubt' it can stay in business .
Vince's warning comes as the number of retail bankruptcies climbs toward a post-recession high.Shares of luxury fashion brand Vince (VNCE) tumbled nearly 40 percent Friday, after the company said it has "substantial doubt" about its ability to continue as a going concern for the next 12 months.

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