On Friday, Sears Holdings announced that they’re continuing their store closures, closing down 35 more Kmart locations and eight more Sears stores.
Now A Total Of 300 Stores
The department store chain has now closed down a total of 300 stores nationwide, although they still have more than 1,000 locations left. Due to their failure to reinventing their store experience, they have buckled to the pressures including the increase in consumers turning to online stores.
“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.”
With the rise of Amazon and the shift to online shopping, Sears isn’t the only retail giant suffering. J.C. Penney announced that they’ll be shutting down 138 locations and offer buyouts to 6,000 employees.
Macy’s And Radio Shack
Macy’s are also planning on closing 68 stores and Radio Shack which has sought bankruptcy have long since closed over 1,000 locations. Some smaller mall favorites like Bebe, The Limited and Wet Seal have either closed or are in the process of shutting down all their stores.
Sears new cuts come only a month after the first round of store shut downs, which saw 20 stores close.
Lambert claims the retail chain is not yet dead like critics have been saying. He says that the store has plans to pay off debts and provide alternative retail venues but on smaller scales. Sears expects to make money from selling properties and they made $900 million by selling the Craftsman brand.