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Sears releases list of Kmart store closings

25 August 2017

Nearly all of the stores, including the four in California, will close in mid-November, Sears Holdings Corp. said Thursday in tandem with the release of its second-quarter earnings.

Sears reported an adjusted EPS loss of $1.16, but still beat estimates of EPS loss of $2.48.

Total sales were down ending the quarter at $4.37 billion from last year's $5.66 billion, for the most part due to recent closures of stores, said Sears.

Comparable-store sales, the only fair measure of performance when a retailer has been closing as many stores as Sears Holdings, are not good.

The latest store closures are on top of the already shuttered 180 Sears and Kmart locations, which closed earlier this year, leaving 610 Kmarts and 650 Sears in the United States.

"In a statement posted at the Sears Holdings website, the company said, "...we have been working with resolve to accelerate our transformation and achieve profitability".

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Twenty-seven Kmart stores will close in mid-November, the company said, and one Kmart in North Miami Beach, Florida, will close in mid-December. At the time independent auditor Deloitte said it believed Sears Holdings was still viable. Operating loss was $106 million versus an operating loss of $269 million in the year-earlier quarter.

Sears also recently announced plans to sell Kenmore products on Amazon.

Shares of Sears were up over 7% in premarket trading Thursday as the department store retailer made more progress in stabilizing its business.

And analysts said Thursday that it's unlikely Sears, though troubled, will run out of money by March, given its vast real estate holdings and the steps it's taking to cut costs. The list of store closings includes a location in Belleville, one of four in the St. Louis area.

Once the largest USA retailer, Sears has struggled with years of losses and declining sales as shoppers shift from the mall to the web.

Sears releases list of Kmart store closings