ShoppingTown Sears employees say store will close in September

ShoppingTown Sears employees say store will close in September

ShoppingTown Sears employees say store will close in September

The company, whose stores include Sears and Kmart, has been engaging in a virtually nonstop campaign of downsizing as it seeks a turnaround that has proven elusive so far.

Sears Holdings announced Thursday it had identified about 100 stores that are no longer profitable and would close a majority of those locations. Sears Holdings announced the closures in its quarterly results released on Thursday, in which it reported total revenues of approximately $2.9 billion - down from $4.2 billion in the same quarter a year ago.

Even though the current retail environment is hard for many retailers, Sears' performance has been much worse than its rivals.

Liquidation sales will begin June 14.

Hoffman Estates-based Sears said it would provide a list by midday Thursday of 72 stores which will start closing sales "in the near future".

Shares were down more than 3 percent before the opening bell.

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A Sears Hometown store still is in operation on Avenue of the Cities in Moline, but the SouthPark Mall location closed in 2013. It also closed its stores in the Southpark Mall in Colonial Heights in January and in Regency mall in Henrico County in September.

They are just two of the 72 stores across the country troubled retailer Sears Holdings will shut down.

Many will be searching for work after a retail giant announced plans to close nearly 100 stores.

"While we had a challenging first quarter, we remain focused on improving our financial performance and enhancing our liquidity", Lampert said in a prepared statement. The company posted a quarterly loss of $424 million and sales dropped almost 12 percent. Closing dates are still being evaluated for another nine stores. Other store closing will be announced later.

In recent years, Sears has been closing stores, divesting brands and spinning off units while it struggles with declining sales.

Earlier in May, Sears formed a special committee to explore the sale of Kenmore and divisions of its home services business, the same assets Lampert said he was interested in buying.

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