Sears will close 72 additional stores as sales shrink and losses grow, an announcement that has become a familiar refrain as the company retrenches.
"The Company generated total revenues of approximately $2.9 billion during the first quarter of 2018, compared with revenues of $4.2 billion in the prior year quarter, with store closures contributing to almost two thirds of the decline", Sears reported Thursday morning. Last year, Sears sold its Craftsman brand to Stanley Black and Decker for $900 million. Sears Holdings LLC reports total revenue fell 32 percent to $2.89 billion in its May 5, 2018 report, down from $4.19 billion in its April 29, 2017 report.
Those were the only two MA or CT locations included in the closing list.
A Sears Hometown store still is in operation on Avenue of the Cities in Moline, but the SouthPark Mall location closed in 2013.
ESL Investments is the hedge fund of Sears Chief Executive Officer Edward Lampert.
Fifteen Kmarts and 48 Sears stores nationwide are slated to close, including a Sears store in Springfield, Ill.
Auto centers at the Flint and Traverse City locations are expected to close in late June, while those at the closing metro Detroit locations are expected to close in late July.
Locally, Sears stores are located in Pasadena, Glendale, Burbank, Montebello, West Covina, Cerritos, North Hollywood and Baldwin Hills. Amazon began selling Sears's Kenmore brand of ovens, washers and other appliances past year.
'We believe these initiatives, among others, will help us to strengthen the Company and better position it for the future, ' he said.
The Wall Street Journal reported that Sears is considering selling off its Kenmore appliance brand, as well as other units of its business.
Sears announced recently that shoppers could buy any brand of tires on Amazon.com, have them shipped to a Sears Auto Center and then bring in their vehicle to get them installed.
It will also close its Peabody store in July.