Tag Archives: Edward S. Lampert

Sears Holdings Closing At Least 50 Stores

Kmart Harrison, OH. Photo by  Mike Kalasnik
Kmart Harrison, OH. Photo by
Mike Kalasnik

On the heels of the announcement of 100 layoffs at the end of February, Sears is continuing its march to improved profitability with the closure of about 50 stores around the country.

Sears, whose headquarters is in Hoffman Estates, Illinois, announced that it is planning to speed-up shutting down of at least 50 “unprofitable stores.” Included in the action will be many K-Mart stores as well, which is owned by Sears Holdings.

“The decision to close stores is a difficult but necessary step as we take aggressive actions to strengthen our company, fund our transformation and restore Sears Holdings to profitability,” said Edward S. Lampert, Chairman and Chief Executive Officer of Sears Holdings. “We’re focusing on our best members, our best categories and our best stores as we work to accelerate our transformation.”

The original plan was to spread out the closures over several months, but because of poor sales during the holiday season, the parent company decided the process of closing stores should be sped up.

According to Sears’ earnigns report, released in February, total revenue for the fourth quarter of 2015 was $7.3 billion, down from $8.1 billion in 2014.

“Sears Holdings will continue to transform as the role of the store evolves to fit the way that members want to shop,” Mr. Lampert said. “Through our continued investments in Integrated Retail, our stores are a critical component of our strategy as we provide our members with industry-leading innovations such as Meet with an Expert, In-Vehicle Pickup and Return and Exchange in Five.”

Liquidation sales at closing K-Mart locations will begin on May 12, while those at Sears will start on April 29. The following Illinois K-Marts are on the chopping block:

  •  7050 S Pulaski                            Chicago
  • 721 N Vermillion Street          Danville
  • 1150 W Carl Sandburg Dr      Galesburg
  • 17355 Torrence Ave                 Lansing
  • 2909 Court St                              Pekin
  • 3840 46th Ave                             Rock Island