The retailer announced on Tuesday that it planned to “accelerate” the closing of at least 50 “unprofitable stores.”
Sears (SHLD), which also owns Kmart, originally planned to close the stores over the next few months, but poor sales have sped up the timeline.
In its earnings report Tuesday, Sears said it expects total revenue to hit $7.3 billion for the fourth quarter — down from $8.1 billion last year.
Shares of the company’s stock were valued at more than $15 on Tuesday — down from nearly $45 a share in May 2015.
Sears said warmer weather and increased competition were partly to blame, as they hurt sales during the important winter holiday. Apparel sales in particular took a big hit.
Sears said apparel sales have “a substantial impact on our overall profitability.” The retailer said it planned to improve this area by adjusting clothing prices and offering more variety.
http://money.cnn.com/2016/02/09/news/companies/sears-kmart-stores-closing/index.html
Good. I always hated Sears anyway.
But of course, they’re all going to go. The biggest retailers have the biggest overhead, so they’re going first, but it’s only a matter of time before even the small “Mom-and-Pop” owned stores can’t pay their rent, either.
“Sears said warmer weather and increased competition were partly to blame, as they hurt sales during the important winter holiday. ”
Bahahahahaha!!! Excuses, excuses. This is possibly the worst excuse I’ve heard from a retail store in a long time. They’ll never tell it like it is. The economy has gone to shit. There are no jobs, no productivity and no one has the money to buy shit. How hard is that? Oh and Sears is a piece of shit store anyways, in my opinion. Always has been.
But in other news, Sears is hiring in Texas. I’m confused. Are you going bankrupt or not? FOR CRYIN’ OUT LOUD, MAKE UP YOUR MIND!!!!
worked for them – treat employees like shit – creates bad vibe – customer service suffers