Sears is closing 63 more stores

November 10, 2017 in Latest News


Sears Holdings is shuttering another round of stores, the retailer’s employees learned on Thursday. But those doors won’t be closed until after the holidays.

The latest list of store closures includes 45 Kmart locations and 18 Sears boxes. Closings are expected to begin in late January of next year. Meantime, liquidation sales will begin as early as Nov. 9.

“Sears Holdings continues its strategic assessment of the productivity of our Kmart and Sears store base and will continue to right size our store footprint in number and size,” a memo reads on the company’s website.

“In the process, as previously announced we will continue to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members,” Sears said.

The embattled department store chain has been looking for ways to keep its core businesses afloat. Those initiatives include selling off in-house brands, seeking loans from Sears’ CEO, Eddie Lampert, and recently teaming up with Amazon to market Sears’ Kenmore appliances.

Assets sales, for Sears, could be another source of operating cash.

In Sears’ latest quarter, same-store sales tumbled more than 11 percent, as total revenue fell to $4.37 billion, from $5.66 billion, and was driven lower because of recent store closures, according to the company.

In turn, Sears is testing smaller store formats across the U.S., and in some cases moving to occupy a pint-sized portion of a bigger box, as mall operators look to redevelop their properties.

Sears shares were falling about 3 percent Friday morning, and are down more than 40 percent in 2017.

Find out if your local Sears or Kmart store is one of those being closed.

Source: CNBC

Sears, Kmart to close 43 more stores as retail crisis continues

July 10, 2017 in Latest News

Sears Holdings continued its steady drip of store closures Friday with the announcement that it would close 35 more Kmart locations and eight Sears stores.

The department-store chain’s troubles have included several rounds of store closures this year, now totaling more than 300.

Although the iconic American department store chain still has more than 1,000 locations, Sears has buckled under pressure from online competitors, having failed to reinvent its traditional store experience.

“We have fought hard for many years to return unprofitable stores to a competitive position and to preserve jobs and, as a result, we had to absorb corresponding losses in the process,” Sears CEO Eddie Lampert said in a blog post.

“It is obvious that we don’t make decisions to close stores lightly. Our efforts have been, and will continue to be, fact-based, thoughtful and disciplined, with the goal of making Sears Holdings more relevant and more competitive for our members and other constituents.”

The new closures include four Kmarts in Florida and three in Ohio, and three Sears locations in Indiana. (See the full list.)

Sears is one of many retail giants struggling to find its footing, or simply survive, amid a landscape dramatically transformed by a shift to online shopping and rise of Amazon.

J.C. Penney has said it will shutter 138 locations, roughly 14% of its stores, and give buyouts to 6,000 employees. Macy’s plans to shut 68 stores. Radio Shack, which has sought bankruptcy protection twice in two years, has closed more than 1,000 locations since Memorial Day weekend. And one-time mall favorites Bebe, The Limited, and Wet Seal have closed or are in the process of shuttering all of their storefronts.

Sears’ latest round of cuts comes less than a month after the most recent round, in which the company quietly announced plans to close 20 locations.

 Sears acknowledged in March that there was “substantial doubt” it would survive on its own, though the company said its cost-cutting maneuvers and other retail strategies would greatly improve its chances of carrying on. Lampert has blasted critics for treating Sears like it’s dead.

Lampert said Friday in a blog post that the company would add small-format locations, though he did not provide specifics on the plan.

The company is close to meeting its previous target of $1.25 billion in cost cuts for the year, which includes the store closures and corporate layoffs. And it said Friday that it had gotten an agreement that would allow it to borrow up to $500 million more from a current loan, as well as finalized the sale of more than $200 million in properties which allowed it to pay off part of its debt.

“We expect additional real estate sales to pay down even more of our debt and to generate liquidity for the company,” Lampert said in the blog post.

Sears has also raised about $900 million by selling its Craftsman brand.




Sears is quietly closing more stores than it said it would — here’s the list

May 15, 2017 in Latest News

Sears Holdings announced in January that it would shut down 150 stores this year, with most locations closing by April. Now the company is closing even more stores. Sears, which owns both Sears and Kmart stores, has been notifying local media of the additional closures over the last several weeks. Most of the stores on the new list will start liquidation sales in April and close in July, though some will shut down in August. Over the last month, the list of additional closures has grown from about five stores to more than two dozen. Seritage Growth Properties, a company that owns more than 235 Sears and Kmart stores, is behind several of the closures, as Business Insider reported Sunday. Sears CEO Eddie Lampert is chairman of Seritage Growth Properties.


We compiled a list of the additional closures that the company has revealed so far, and will update this list as we learn of more locations that will shut down.


  • 803 Martin Street S., Pell City, Alabama
  • 2222 E. Lincoln Ave., Anaheim, California
  • 1460 W. 49th St., Hialeah, Florida
  • 424 Dairy Road, Kahului, Hawaii
  • 33400 W. Seven Mile Road, Livonia, Michigan
  • 2660 Hylan Blvd., Staten Island, New York
  • 950 Ridge Road, Webster, New York
  • 4480 Indian Ripple Road, Dayton, Ohio
  • 1837 Street Road, Bensalem, Pennsylvania
  • 16881 Conneaut Lake Road, Meadville, Pennsylvania
  • 1 Millbrook Plaza Lane, Mill Hall, Pennsylvania
  • 300 Lincoln Ave, East Stroudsburg, Pennsylvania
  • 176 W Street Road, Feasterville, Pennsylvania
  • 1011 Scranton Carbondale Hwy., Scranton, Pennsylvania
  • 1801 Hydraulic Rd, Charlottesville, Virginia
  • 494 Elden St., Herndon, Virginia
  • 17911 Pacific Ave., S. Spanaway, Washington


  • 273 Madonna Road, San Luis Obispo, California
  • Westfield UTC, 4575 La Jolla Village Dr, San Diego, California
  • Southbay Pavilion, 20700 S. Avalon Blvd., Carson, California
  • 290 Providence Highway, Dedham, Massachusetts
  • Aventura Mall, 19505 Biscayne Blvd., Miami, Florida
  • 4250 Cerrillos Road, Santa Fe, New Mexico
  • 3199 N White Sands Blvd., Alamogordo, New Mexico
  • Monroe Crossing Mall, 2115 W Roosevelt Blvd., Monroe, North Carolina
  • Northwoods Mall, 7801 Rivers Ave., North Charleston, South Carolina
  • Valley View Mall, 13131 Preston Road, Dallas, Texas
  • Provo Towne Centre, 1200 Towne Centre Blvd., Provo, Utah

Sears now has fewer than 1,500 stores, down from 2,073 five years ago.

The company is under pressure from years of plunging sales and last month lost its second chief financial officer in six months, just as it began talks with lenders over a looming debt payment from a $500 million loan facility that’s maturing in July.

In a rare interview last week, Lampert spoke about the retailer’s troubles and said “the reality is better than the perception.”

He told the Chicago Tribune that Sears is “fighting like hell” to stay afloat but that unfair media coverage was making it difficult for the company to turn business around.

Regarding the potential for a Sears bankruptcy, he said, “We have as much time as our vendors and our lenders and our shareholders are willing to give us. We’re trying to be proactive with our vendors, we’re trying to be proactive with our members, with our employees, associates, etc., to explain that the reality is a lot better than the perception. The reality needs to be better than it is for us to really demonstrate to people that the transition is starting to take hold.”

Source: Business Insider

Smaller Retailers Destined For Former ‘Big Box’ Stores

March 27, 2017 in Latest News

These are dark days for the traditional “big box” retailer.

Sears cast doubt this week that it could stay open, and that followed recent announcements by other struggling retail stalwarts Macy’s, J.C. Penney Co. and Kmart that they would be closing stores across the country in response to the fallout from a consumer shift to online shopping.

Electronics and appliances retailer hhgregg said this month it would be closing all 11 stores in South Florida; the announcement came less than a year after Sports Authority went out of business.

The retailers are vacating spaces of 25,000 to more than 100,000 square feet, forcing shopping center owners to find new tenants or new uses for the buildings.

More yawning spaces could be opening up around South Florida if Sears and Kmart sink amid heavy financial losses. According to their websites, Sears operates 15 locations (14 department stores and an outlet store) in Palm Beach, Broward and Miami-Dade counties. Kmart has seven stores in all three counties.

“This certainly is at the top of [landlords’] minds right now,” said Robert Granda, director of retail investment sales for the Franklin Street brokerage across South Florida. “The challenge in this changing environment is that there are not that many retailers looking to take so much space. There are a lot more tenants looking for 10,000 square feet or less than there are looking for 30,000 square feet or more.”

Alan Esquenazi, a partner at commercial real estate company CREC, agreed that a “resizing” of retail is happening across the nation.

“Bricks-and-mortar retail is unequivocally not dead,” he said. “But you have to be really sharp, really competitive. You have to offer the customer an experience, like Apple does. The retailers that are closing offered nothing different, and they were destined to fail.”

Granda, Esquenazi and other retail observers say one of the best options for landlords is to subdivide the big box buildings into smaller spaces for two or three new tenants.

That’s the plan at former Sports Authority stores in Pompano Beach and Boynton Beach, though the new tenants have not yet been announced, said Katy Welsh, senior vice president of retail services at Colliers International.

The Related Cos. of New York, which owns CityPlace in West Palm Beach, has not announced plans for the two-story, 108,000-square-foot Macy’s that’s due to close this spring. But analysts say filling that space with multiple tenants is a strong possibility.

“My guess is that CityPlace will subdivide that space downstairs, and there likely will be a food and entertainment use upstairs,” said Alan Bush, CEO of Northlake Partners, a retail strategy company based in West Palm Beach. “That combination provides the best return on investment for the landlord.”

Welsh said retailers most likely interested in taking at least part of the space in former big box stores include discount clothing chains Ross, TJ Maxx and Marshall’s as well as Home Goods and Orchard Supply Hardware.

Another possibility is the grocery store chain group, including Trader Joe’s and Lucky’s Market, Welsh said. Lidl, a German grocer, is headed to Florida after expanding into the Carolinas, Virginia and Texas, she said.

Movie theaters are another possibility, but they wouldn’t be an ideal fit in smaller, older centers, analysts say.

Landlords are eager to find new tenants at a higher cost per square foot to replace the retailer-friendly leases signed by Kmart and other chains many years ago, according to Welsh.

As a consumer, she said it’s hard for her to accept that Sears and other former retailing powerhouses are struggling to survive. But as a retail observer, she’s intrigued by what’s ahead.

“From a landlord’s perspective,” she said, “we’ve been waiting for the other shoe to drop for a long time.”


Source:  SunSentinel