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Sears to shutter another 28 locations, as same-store sales tumble 11.5%
September 21 2017, 09:26 | Irvin Gilbert
Sears Is Closing Another 28 Kmart Stores As Sales Tumble Again
An additional 28 Kmart stores will close later this year, Sears said.
Nearly all of the stores, including the four in California, will close in mid-November, Sears Holdings Corp. said Thursday in tandem with the release of its second-quarter earnings.
In March, Sears said there is "substantial doubt" it could continue as a viable concern, with intense pressure coming from companies like Wal-Mart, Target and Amazon.com.
On the list are Kmart stores in Allentown and Willow Grove, Pa., but none in Maryland or West Virginia. The only remaining Kmart stores in Kansas, according to the Kmart website, are in Kansas City, Kan., Salina and Wichita.
The Kmart closures add to a list of 330 Sears or Kmart locations shuttered or set to be closed later this year as the retailer seeks stability.
Comparable-store sales, the only fair measure of performance when a retailer has been closing as many stores as Sears Holdings, are not good.
Liquidation sales at those stores will begin as early as next Thursday, the company said. The analyst expected a loss of $2.48 per share.
Already, Sears has closed 180 stores this year.
"We will continue to right-size our store footprint to ensure we are positioned to meet the realities of the changing retail environment, " Rob Riecker, Sears Holdings' chief financial officer, said in a call with investors.
The second quarter adjusted loss was $1.16 per share, narrower than the loss of $2.03 per share in the comparable period a year ago.
Sales at same-stores were down 11.5%, worse than the estimated drop of 7.1%.
On Thursday, Sears said it has raised $460 million this year from real estate transactions and is targeting $1 billion or more from its assets.