Two Tampa locations among dozens of stores being closed by Sears
- Author: Anthony Vega Jun 03, 2018,
Jun 03, 2018, 17:32
In a news release, company officials said it notified associates at 15 Kmarts and 48 Sears stores that their locations will close.
The list of closures was revealed Thursday afternoon and liquidation sales will begin as early as June 14 at the closing stores. In a summary of its first-quarter financial report ending May 5, 2018, Sears Holdings reported a net loss attributable to Holdings' shareholders of $424 million ($3.93 loss per diluted share) for the first quarter of 2018. This compares to $245 million reported for the first quarter of 2017, which included a gain of $492 million from the sale of the Craftsman brand.
Revenue fell more than 30 percent to $2.89 billion, with store closings contributing to nearly two thirds of the decline.
The company says its overall store sales fell 11.9 percent for the quarter - including a 13.4 percent decline at Sears stores.
In a statement, the company said the locations were chosen from a list of 100 non-profitable stores. The retailer put up for auction the property its stores occupy at Mid Rivers Mall and South County Center.
Almost four years ago Sears Holdings closed its Sears department store at Towne West, 4600 W. Kellogg.
The company on Thursday notified associates of the 15 Kmart stores and 48 Sears stores across the US that their locations were closing.
Washington Prime might pursue a similar strategy with the Sears property at Cottonwood, which Sears owns, said Ben Perich, a senior commercial broker at Collier's global in Albuquerque.
Also on the chopping block are stores at Genesee Crossing mall in Flint and Cherryland Center shopping complex in Traverse City. Here's the the complete store closing list.
The sale of Kenmore would be part of a broader effort by Sears to sell off its successful brands.