Sears to close 72 more stores, including one Kmart in Arvada

Adjust Comment Print

- Sears suffered another major sales blow over the last quarter, and says it's closing dozens of stores.

See "Related Links" on the right side of this story for a full list of the 72 Sears and Kmart stores slated to close.

They are just two of the 72 stores across the country troubled retailer Sears Holdings will shut down.

"The demise of Sears has felt like a prolonged drip, drip, drip", said Mark Hamrick, an analyst for

The retailer, which is now headquartered in Hoffman Estates, IL, has fallen on hard times, and continues to shed stores, employees and brands. The Sears at the Phillipsburg Mall closed earlier this year, a store that had been a fixture at the Warren County, N.J., shopping center since September 1989.

More news: Hamilton steelmakers brace for US tariffs

Sales at established stores, a key gauge of a retailer's health, tumbled almost 12 percent, down 9.5 percent at Kmart stores and 13.4 percent at Sears.

"The additional 100 store closures announced today is another effort to streamline in the face of its shrinking core operations", Moody's Vice President Christina Boni said.

Shares are down more than 3 percent before the opening bell.

The company revealed the closures as it announced revenues dropped more than 30% for the quarter to $2.9 billion.

Sears Holdings CEO Eddie Lampert's hedge fund, ESL, said Tuesday it's received "numerous inbound inquiries from potential partners" since it made an offer last month to buy Kenmore and other Sears assets....

More news: Controversial burqa ban now a reality

Sears also has made deals with Amazon.

Sears has cut its store count in half within the last five years.

Another Mid-Michigan Sears store is closing its doors.

The retailer said in a statement that it plans to take further action "with respect to certain near-term maturities of our debt, including through repayments, refinancings and extensions".

More news: Death toll from Nipah virus rises to 15 in Kerala