Latest
Recommended
Published: Sun, August 27, 2017
Economy | By Melissa Porter

Kmart stores in Chili and Victor among the latest to close

Kmart stores in Chili and Victor among the latest to close

Sears made the announcement in yet another bleak earnings report.

The Massillon store, located at 2600 Lincoln Way E, will close in mid-November, with a liquidation sale possibly beginning as soon as August 31. An additional 150 stores that were slated for closing are to shut by the end of next quarter.

The full list was released later in the day - after the staffs at the affected stores had been notified - and no Vermont locations were on the list. It's unclear if any MI stores will be affected. Three of those locations are in MI, including Shelby Township, Bay City and Sandusky.

There are 12 Kmart stores now open in MA.

On Thursday, the company reported second-quarter losses of $251 million. Losses, adjusted for one-time gains and costs, came to $1.16 per share. It saw revenue of $4.4 billion in the second quarter, compared with $5.7 billion in the previous year quarter. But it continued to struggle with weak traffic and declining sales, and added 28 more locations to its long list of store closings. Sears also recently announced plans to sell Kenmore products on Amazon. "That said, the holidays will reveal how much further Sears can fall, especially on the sales front". The chain of department stores has trimmed its portfolio of real estate, cut costs and seeks more liquidity. They're spending more online and spending less on clothing and more on experiences like spas. Analyst Bill Dreher of Susquehanna Financial Group said in a research note that Sears would need about $1.2 billion in 2017 and $1.4 billion in 2018 to operate the business.

Sales fell 11.5 percent for the time period.

In March, Sears said there is "substantial doubt" it could continue as a viable concern, with intense pressure coming from companies like Wal-Mart, Target and Amazon.com. That's why Sears has been busy slimming down and taking other actions to try and turn around the company.

Like this: