Sears will close another 72 stores as sales plunge and losses grow.
The beleaguered retailer said it will close 15 Kmart stores and 48 Sears stores will be closing in early September 2018.
The K-Mart located at 5909 East State Street in Rockford is among those scheduled to be closed. The Sandy Hollow and Belvidere locations closings had previously been announced. See the full list of stores closing here.
The company says it will offer severance pay and the opportunity for employees to apply for positions at open stores
Liquidation sales will begin as early as June 14th.
Sears lost $424 million, or $3.93 per share, for the period ended May 5. It earned $245 million, or $2.29 per share, a year earlier, a quarter that included a $492 million gain tied to the sale of the Craftsman brand.
Revenue tumbled more than 30 percent to $2.89 billion, with store closings already underway contributing to almost two thirds of the decline.
Sales at stores open at least a year, a key gauge of a retailer’s health, tumbled 11.9 percent. Comparable-stores sales slid 9.5 percent at Kmart stores, and 13.4 percent at Sears.
The one-time powerhouse retailer that survived two world wars and the Great Depression has been calving off pieces of itself as it burns through money.
Kenmore, the retailer’s appliance brand, became the latest potential sale after ESL Investments, the company’s largest shareholder, headed by Sears Chairman and CEO Edward Lampert, said it might be interested in buying it.
Lampert, who combined Sears and Kmart in 2005 after helping to bring the latter out of bankruptcy, has long pledged to save the famed retailer, which started in the 1880s as a mail-order catalog business.
Shares of Sears Holdings Corp., based outside of Chicago in Hoffman Estates, Illinois, fell more than 4 percent before the opening bell Thursday.