Sears adds to closures - shares fall to record low
Sears will shutter even more stores as it moves to streamline its business.
According to a release from the company, it will close 46 unprofitable Sears and Kmart stores in November, and it might not be the end of closures for the struggling retailer.
“We continue to evaluate our network of stores, which is a critical component to our integrated retail transformation, and will make further adjustments as needed,” Sears said in a press release.
Sears said it will offer affected employees severance and the opportunity to apply at other Kmart and Sears stores.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SHLD | GLOBAL X FDS DEFENSE TECH ETF | 32.77 | +0.52 | +1.60% |
Liquidation sales will begin as early as Aug. 30 at the closing stores. The stock, down 87% over the past 12-months, is sitting at a record low.
Sears initially announced that it would close 100 unprofitable stores in January, and this list has increased through the year.
As previously reported by FOX Business, Sears added 43 stores to its list in July, which at that point had increased to 265.
The July announcement was made in a blog post by CEO Eddie Lampert.