m3n4.net
m3n4.net October 15, 2018


Store closings have tripled so far this year

24 June 2017, 12:09 | Silvia Roy

By rdnewsNOW staff and The Canadian Press

By	rdnewsNOW staff and The Canadian Press

Sears is closing another 20 stores as the ailing retailer tries to turn around its business. "Based on shopper preference data, we expect Macy's to retain the highest share of sales when it closes stores and Sears to see the lowest sales-retention rates".

Sears Holdings (SHLD), the holding company for the two iconic retail brands, warned investors that it can't promise it will stay in business.

The Company will continue to take all necessary action to drive improvements in our organization to achieve our profitability objective with a greater focus on Best Members, Best Categories and Best Stores. An auto center at the Galewood Sears will close in late July.

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The company operates 21 Sears and 25 Kmart locations in New Jersey.

"We are making the hard, but necessary decision to close the Sears store and Sears Auto Center", Sears spokesman Howard Riefs said in an email late Thursday.

Sears is the last department store in Springfield's Eastfield Mall. The number so far this year is triple what it was in the same period last year, according to an analysis by Fung Global Retail & Technology, a retail think tank.

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Sears Canada received court protection from creditors on Thursday and announced a plan to close 59 locations and cut 2,900 jobs.

TravelBrands, which owns Sears Travel, said it is consulting with its legal team before making a statement.

When TravelBrands filed for creditor protection in 2015, the Amended Sears Agreement - along with dwindling margins and lease obligations including $3.6 million in yearly rent on a vacant building, a holdover from the Thomas Cook Canada deal - was blamed as one of the factors dragging the company down.

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