Business Insider reports that Sears plans to close 40 more stores by summer, in addition to the 166 it already had announced were being shuttered.
The closures will take place in 24 states, and will include 31 Sears units and nine Kmarts.
The story notes that “Sears has cut its store count in half within the last five years. The company had 1,002 stores as of early February, down from 1,980 stores in 2013. It closed another 103 stores in April, in addition to the 40 stores that will close by August.”
The closures will take place in 24 states, and will include 31 Sears units and nine Kmarts.
The story notes that “Sears has cut its store count in half within the last five years. The company had 1,002 stores as of early February, down from 1,980 stores in 2013. It closed another 103 stores in April, in addition to the 40 stores that will close by August.”
- KC's View:
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I don’t care how much CEO Eddie Lampert now argues that he is right-sizing the company for survival. It seems entirely more likely now that he’s stripping Sears down for parts, the most profitable of which he’ll sell to himself, leaving investors and employees holding an empty bag while he continues along his merry hedge fund way.
