Sears is closing four stores in Texas | Retail

Surrendering Stores       Sears and Kmart stores now number less than 1,000              Source Company filings Bloomberg

The tumble of big box retail continued Thursday (May 31) when Sears Holding Corp. released a list of 63 additional stores it will close starting in June.

The company closed more than 400 stores a year ago and is in the process of closing its store at the former Summit Park Mall, which began liquidation sales earlier this month.

Net loss attributable to the company was $424 million, or $3.93 per share, in the first quarter ended May 5, compared to a profit of $245 million, or $2.29 per share, a year earlier.

Total revenues for the quarter fell 31 percent to $2.89 billion from $4.20 billion in the prior-year quarter, with store closures contributing to almost two thirds of the decline. Sears Holdings said a group of stores was pulled from the original list and "are being evaluated further".

The 63 affected stores are among 100 nonprofitable Kmart and Sears stores, according to the Hoffman Estates, Illinois-based retailer.

Sears remains committed towards achieving a positive EBITDA for the full year and unlocking the "full potential of our assets for our shareholders", Lampert said.

Rob Riecker, Sears' chief financial officer, said the company's stores are "a critical component in our transformation". Although total comparable store sales declined, the company saw promise in categories including footwear, apparel and jewelry.


The latest closings underscore the deep-rooted problems at Sears.

As its sales continue to shrink, Sears and Kmart are closing 72 stores, including four in New Jersey.

Washington Prime might pursue a similar strategy with the Sears property at Cottonwood, which Sears owns, said Ben Perich, a senior commercial broker at Collier's worldwide in Albuquerque.

Shares traded down more than 8% Thursday morning at $2.94, in a 52-week range of $1.99 to $10.76.

There are three other Sears department stores in the region at Oviedo Mall, Altamonte Mall and Florida Mall.

On Thursday, executives said they were looking into selling the retailer's Kenmore brand of appliances, which has been one of the bright spots in the company's performance.

The Kmart on East Busch Boulevard and the Sears at Citrus Park Mall are closing as Sears Holdings tries to stem the bleeding from its long-running sales crisis.

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