Sears closes another 20 stores

Instead of advertising itself as Sears the pop-up shop displays the slogan #weveCHANGED to represent a revamped retailer

Sears stores have struggled with a consumer shift toward online shopping, tough competition from Wal-Mart Stores Inc. and Target Corp., and what analysts have decried as a cycle of underinvestment in stores, which many shoppers see as exhausted or lacking inventory, Crain's reported.

Sears and Kmart will be closing a number of stores in addition to previously announced closings, according to a Business Insider report. Combined with the restructuring actions announced since the beginning of the fiscal year, Sears Holdings has actioned almost $1.0 billion in annualized cost savings to date and is on track to deliver $1.25 billion in annualized savings through actions taken in fiscal year 2017.

"We understand that members may be disappointed when we close a store, but our Shop Your Way membership platform, websites and mobile apps allow us to maintain these valued relationships long after a store closes its doors", the company said in a statement emailed to Retail Dive.

"We are making the hard, but necessary decision to close" the Sears and Sears Auto Center in on Shawan Road, and Sears in Hagerstown, Howard Riefs, a Sears spokesman, said in an email Friday.




Sears Canada was granted court protection from creditors on Thursday and announced plans to close 59 locations across the country and cut approximately 2,900 jobs under a court-supervised restructuring.

Sears is the last department store in Springfield's Eastfield Mall.

Sears warned in March that there is "substantial doubt" about its ability to remain in business due to losses that have topped $10 billion since 2010, the last time it turned a profit. Sears Canada filed for protection from its creditors under Canada's Companies' Creditors Arrangement Act, the equivalent of Chapter 11 bankruptcy, on Thursday.

Sears is paying base rent of $11.2 million on the 20 locations and will pay rent until it vacates the space by October, the SEC filing said. However, Sears Holdings CEO Eddie Lampert and his ESL Investments hedge fund own an approximate 45% stake in the company.

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