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Sears releases closure list, did Terre Haute's store make the cut?

01 June 2018

Parent company Sears Holdings, which includes Sears and Kmart stores, announced Thursday it will close another 63 stores.

A total of 15 Kmart stores and 48 sears stores are scheduled for closure across the country.

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

Despite several cost-cutting measures that have trimmed billions of dollars in expenses, Sears Holdings continues to lose money, and no one is sure it will ever regain its footing.

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On May 5, there were 529 Sears stores and 365 Kmarts in the United States and two USA territories - Puerto Rico and the Virgin Islands, a company spokesman said.

Liquidation sales are expected to begin June 14, and closures are expected to begin in September. Kmart is set to close its last location in Hawaii. Sears Holdings says "eligible associates" will be able to get severance and apply to jobs at other stores.

The announcement of more closings follows its first quarter earnings report Thursday, in which the company reported a $424 million loss on revenue of $2.9 billion in the quarter ended May 5. The company said the nine additional stores that it initially planned to announce would close will be evaluated further.

The company had a total of 894 stores at the end of its first quarter, 381 fewer than it had at the same time past year.

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Sears Holdings announced in April and May the Sears at the Clearwater Westfield Countryside Mall and the Kmart stores on US 19 and in Brandon would shut down.

Sales at established stores, a key gauge of a retailer's health, tumbled almost 12 percent, down 9.5 percent at Kmarts and 13.4 percent at Sears.

The year-ago quarter had a $492 million benefit related to the sale of Sears' Craftsman brand.

Revenue fell more than 30 percent to $2.89 billion, with store closings contributing to nearly two thirds of the decline.

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Sears releases closure list, did Terre Haute's store make the cut?