Sears to close 40 more stores this summer: report

By RetailFOXBusiness

Sears closing last remaining store in Chicago

FBN's Jeff Flock on Sears closing its last store in Chicago.

Sears Holding Corp. will shutter about 40 Sears and Kmart locations this summer amid its ongoing sales slowdown, in addition to the 166 store closures it had already publicly disclosed for 2018, according to a report.

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The closures, which have yet to be announced, will impact stores in 24 states, according to Business Insider, which published a list of the closures, citing interviews with Sears employees. It is unclear how many Sears employees will be affected by the closures.

Sears representatives did not immediately respond to a request for comment on the reported closures.

The one-time retail giant is contending with dwindling store traffic and revenue as more shoppers turn to e-commerce options such as Amazon. Sears posted a loss of more than $380 million in fiscal 2017.

The company had shuttered more than 100 stores as of the end of April, as part of a previously-disclosed effort to streamline its business. Sears closed several hundred locations last year and had a total store count of 1,002 as of February, according to Business Insider.

FOX Business reported in April that Sears Holdings would auction 16 store locations through a partnership with Cushman & Wakefield, the real estate services firm, with bids due by May 1. A company official said the stores would be auctioned in a “sale and lease-back” structure, which would allow Sears to maintain operations while paying rent.

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