Sears to close Spartanburg store

Sears closing 72 more stores as sales plunge

Sears has cut its store count in half within the last five years. Employees at the sites were notified Thursday that they will receive severance pay and can apply for jobs at Sears and Kmart stores that remain open.

The closures will leave Des Moines and Sioux City as the only Sears stores in Iowa.

Fifteen Kmarts and 48 Sears stores nationwide are slated to close, including a Sears store in Springfield, Ill.

Including automotive centers and outlet stores, Sears operates seven locations in the St. Louis metro area.

The list of store closings is due to be announced mid-day Thursday.

Sears said liquidation sales at the closing stores will begin as soon as June 14. All but the Cambridge and Peabody Sears stores also have an auto center.

The 72 stores are among 100 "non-profitable" stores identified by the company, according to its financial disclosures.

While the retail giant has struggled to retain customers who are increasingly heading online to Amazon or seeking out Walmart stores, it has already closed hundreds of stores.

"We will be working with them closely as the plans are finalized by Sears Holding as to the future of the building".

Sears Holdings closed its Kmart location at 180 Main St.in Saugus on earlier this month.

Shares of Sears tumbled another 3 percent on the results in premarket trading.

More KMart stores across the country are also closing. The company had 894 stores as of May 5, down from 1,980 stores in 2013.

The company revealed the closures as it announced revenues dropped more than 30% for the quarter to $2.9 billion. The retailer has been in a sales slide for awhile, a good portion of that from the fewer stores actually still around.

Related:

Comments

Latest news

Brazil superstar Neymar confident of fitness
The squad will stay in the United Kingdom until June 8, before flying to Vienna for a friendly match against Austria. Throughout the week Neymar showed his finishing was sharpening, especially from close range.

Zinedine Zidane quits as Real Madrid coach after 3rd Champions League
There was also a lot of intrigue after Zidane said: "I think it's the moment, both for me, the team and the club (to step down). Now the second favourite for the job is ex-Madrid star Guti, who has been coaching Real Madrid youth teams ince 2013.

Rahul Gandhi terms 1 paisa petrol price cut as `prank, childish move`
Congress president Rahul Gandhi tweeted, "Dear PM, You've cut the price of Petrol and Diesel today by 1paisa". The "Joke of Petrol, diesel prices cut by 1 paisa " did not go down well with people on social media .

Hero 'Spiderman' Granted French Citizenship After Amazing Child Rescue
The footage shows Gassama , who is originally from Mali, pulling himself up from one balcony to the next to reach the child. Twenty-two year old Mamoudou Gassama , is an illegal immigrant now living in France according to a human-rights group.

Other news