Sears Announces 21 Store Closures, Slashes 1,000 Jobs
Sears announces it will shutter 21 stores this Spring. About 1,000 jobs will be affected when the 13 Kmarts, four Sears and four Sears Essentials stores -- the retailer's new big box format -- close in April and May. The announcement brings the total number of stores that Sears is closing to 56.
Many of the store closings involve lease renewals, weak store performance and the economy. However, the Chicago-based retailer has been hit hard by increased competition from department store rivals Kohl's and JC Penney as well as pressures from big box retailers Walmart and Target.
Sears reported same-store sales were down 4.8 percent during the critical holiday shopping period. Kmart, however, boosted revenue over the holidays and reported a 5.3 percent increase in same-store sales.
Many of the store closings involve lease renewals, weak store performance and the economy. However, the Chicago-based retailer has been hit hard by increased competition from department store rivals Kohl's and JC Penney as well as pressures from big box retailers Walmart and Target.
Sears reported same-store sales were down 4.8 percent during the critical holiday shopping period. Kmart, however, boosted revenue over the holidays and reported a 5.3 percent increase in same-store sales.