Sears To Close At Least Another 63 Stores As Sales Plunge, Including 2 In Mass.
NEW YORK (CBS/AP) — Sears is closing another 63 stores after reporting first-quarter losses and plunging sales, and two of the affected locations are in Massachusetts.
The struggling retailer said Thursday that it has identified about 100 Sears and Kmart stores that are no longer turning profits, and 63 of those locations will be shuttered by early September. Back in January, Sears announced it was closing 100 stores.
On Thursday afternoon, Sears released a list of stores set to close. Two Massachusetts locations land on the list: the Sears at the Northshore Mall in Peabody and the Sears at the Eastfield Mall in Springfield. The Eastfield Mall Sears Auto Center will close in late June.
Earlier in the day Sears said it would be closing 72 stores, but decided to further evaluate nine locations. Liquidation sales are set to begin in June.
Sears Holdings Corp., based in Hoffman Estates, Illinois, lost $424 million, or $3.93 per share, in its first quarter.
It earned $245 million, or $2.29 per share, a year earlier, a quarter that included a $492 million gain tied to the sale of the Craftsman brand.
Revenue tumbled more than 30 percent to $2.89 billion, with store closings already under way contributing to almost two thirds of the decline.
Shares are down more than 3 percent before the opening bell.
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)
