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Struggling Sears could close more than 100 stores
Sears Holdings Corp. is slated to close more than 110 Sears and Kmart stores around the country, many before the holiday season, according to one report
According to one report, Sears, which has been struggling with declining sales for years, will close more than 100 stores across the United States, many before the holiday season.
Hoffman Estates, Ill.--Sears Holdings Corp. is slated to close more than 110 Sears and Kmart stores around the country, many before the holiday season, according to one report.
Financial news site SeekingAlpha said that the closures would affect more than 6,000 employees. The site referred to several liquidation sale notices that were sent out to local media outlets last month that would result in the closing of 55 Kmart, 30 Sears and 31 Sears Auto Center locations before the end of January.
Sears Holdings did not respond to requests for confirmation or additional information from National Jeweler on Friday. Though the company has told other news outlets that the number of stores closings and the list of closures on SeekingAlpha is inaccurate it won’t give any more details, instead saying that it will release a complete closure list with its next financial results.
The report of the store closures only serves to confirm the struggles that the company is having. In its second quarter ended Aug. 2, the retailer’s net loss widened from the $194 million to $573 million.
Last month, Sears received a $400 million lifeline from its Chairman and CEO Edward Lampert in the form of a short-term loan from JPP II and JPP LLC, two entities affiliated with Lampert’s company, ESL Investments Inc.
RELATED CONTENT: Analysts speculate the end is near for Sears
Sears Holdings also sold most of its 51 percent stake in Sears Canada to Lampert’s hedge fund.
The Canadian part of the business has also been hurting lately, especially with the recent turnover of CEOs. In late September, after just a year on the job, CEO Doug Campbell announced that he would be stepping down from the position by the end of the year, citing family issues as his reason for leaving.
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