Sears to close 20 more stores


Sears to close 20 more stores

"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".

The affected stores are in 14 states: California, Florida, Illinois, Kansas, Louisiana, Maryland, Michigan, Minnesota, New Jersey, New York, Ohio, Rhode Island, Texas and Wisconsin, according to a report from Business Insider.

Sears announced this spring that it lost more than $2 billion a year ago.

"Sears Holdings continues to actively manage our real estate portfolio to identify additional opportunities for reconfiguration and reduction of capital obligations", Sears said in a statement. The company did not give details as to which stores are closing.

Both stores will close in mid-September while the auto center will close in late July, he said.

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

The future of one of the best-known brands in the retail travel industry - Sears Travel - is up in the air now that Sears Canada Inc. has filed for creditor protection. However, Sears Holdings CEO Eddie Lampert and his ESL Investments hedge fund own an approximate 45% stake in the company.

In 2015, Sears Holdings Corp. sold 235 Sears and Kmart store locations to Seritage as part of an agreement in which Sears leases the stores back from the real estate company.



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