Sears announces it’s closing at least 50 stores
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Ahiza Garcia, CNN Newswire
NEW YORK (CNNMoney) — Sears doesn’t want to waste any time.
The retailer announced on Tuesday that it planned to “accelerate” the closing of at least 50 “unprofitable stores.”
Sears, 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.
Consumer Media, a nonprofit subsidiary of Consumer Reports, came up with a partial list of planned closings that had been announced to local media outlets:
Sears
June: Missoula, Montana: Sears and Auto Center
July: Sangertown Mall, Utica, New York: Sears and Auto Center
December: Sikes Senter Mall, Wichita Falls, Texas: Sears and Auto Center
February 2016: Staten Island Mall, Staten Island, New York: Sears Auto Center only
March 2016: Mount Berry Mall, Rome, Georgia: Sears and Auto Center
April 2016: Birchwood Mall, Fort Gratiot, Michigan: Sears and Auto Center
April 2016: San Mateo, California
Kmart
April: Wicker Park, Illinois
May: Colonial Heights, Virginia
June: Wauwatosa, Wisconsin
June: Hopewell, Virginia
June: Schuylkill Mall, Frackville, Pennsylvania
June: Greenville, North Carolina
July: Ontario, Oregon
July: Mount Pocono Plaza, Mount Pocono, Pennsylvania
July: Mobile, Alabama
July: Tulsa, Oklahoma
July: Hilltop, Virginia Beach, Virginia
August: Bel Air, Alabama
August: Bellevue Center, Tennessee
October: Vineland, New Jersey
October: Atwater, California
October: Chantilly, Virginia
November: Parkville, Maryland
November: Sturgis, Michigan
November: Spearfish, South Dakota
November: Los Banos, California
November: Davenport, Iowa
November: Lake Park, Florida
December: Belvidere, Illinois
January 2016: South Burlington, Vermont
March 2016: Honolulu, Hawaii
March 2016: Lutz and Daytona, Florida
March 2016: Cleveland, Tennessee
March 2016: Canton, Illinois
March 2016: Daytona Beach, Florida
March 2016: Covington, Virginia
Spring 2016: Florence, Dothan, and Prattville, Alabama
April 2016: Citrus Heights and Chula Vista, California
April 2016: Ottumwa, Iowa
April 2016: Mitchell and Pierre, South Dakota
April 2016: Topeka, Kansas
April 2016: Pocatello, Idaho
April 2016: Logan, Utah
April 2016: Superior, Wisconsin; Virginia, Minnesota; and Ironwood, Michigan
April 2016: Steubenville, OH
April 2016: Cedar Bluff and Virginia Beach, VA
April 2016: Claypool, VA
April 2016: Milledgeville, GA
April 2016: Dublin, GA
April 2016: Richfield, UT
April 2016: Florence, AL
April 2016: Warren, OH
April 2016: Morton, OH