STREAMING NOW: Watch Now

Sears announces more store closures

The Sears closest to Huntsville are in Moulton and Gadsden.

Posted: May 31, 2018 7:25 AM

(CNN Money) -- Sears will close at least 72 more stores as sales plunge and losses mount.

The list of store closings is due to be announced mid-day Thursday. Sears said it identified 100 non-profitable Sears and Kmart stores and picked 72 for closure "in the near future."

The company closed a total of nearly 400 stores during the past 12 months, and now has a total of 894 left, including the 72 slated for closure. The two chains had a total of 3,500 U.S. stores between them when they merged in 2005.

Sears said overall revenue fell 31% in the three months ending May 5. While most of that decline was due to previous store closings, sales fell 12% at the stores that remained open.

The lower sales resulted in a $424 million loss for Sears Holdings, the holding company that owns by Sears and Kmart. The company has lost more than $11.2 billion since 2010, its last profitable year.

Sears is looking to sell its Kenmore appliance brand in an effort to raise cash, after selling off its Craftsman tool brand a year ago.

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

Article Comments

Huntsville
Clear
67° wxIcon
Hi: 87° Lo: 57°
Feels Like: 67°
Florence
Clear
70° wxIcon
Hi: 88° Lo: 59°
Feels Like: 70°
Fayetteville
Broken Clouds
66° wxIcon
Hi: 86° Lo: 54°
Feels Like: 66°
Decatur
Clear
67° wxIcon
Hi: 88° Lo: 56°
Feels Like: 67°
Scottsboro
70° wxIcon
Hi: 88° Lo: 58°
Feels Like: 70°
WAAY Radar
WAAY WAAY-TV Cam
WAAY Temperatures

Community Events