Sears Holdings closes another 28 stores Kmart

Sears Holdings closes another 28 stores Kmart

During the second quarter of 2017, the company Sears continued to struggle with declining sales amid increasing competition from Walmart and Amazon. Now the company says that they intend to close more stores.

Hoffman Estates, Illinois retailer, managing stores Sears and Kmart, is trying to cut costs by closing stores. This year they have closed 180 stores, but that’s not all. Plans to close another 150 points, 28 of which — stores Kmart.

Sears Holdings closes another 28 stores Kmart

«The retail environment remains difficult,» — said in a statement, Sears Holdings Corp.

The company reported Thursday that its loss for the second quarter of 2017 dropped to $ 251 million If to speak about the company’s shares, their value fell by an average of 1.16 dollars per share.

Revenue from stores fell 23 percent to 4.37 billion dollars over this period. In the Kmart sales decreased by 9.4%, and in Sears stores, the figure fell by 13.2%.

CEO Edward Lampert, whose hedge Fund has sent millions of dollars to keep Sears afloat, intends to use for development of business of its most popular brands – electronic devices Kenmore and DieHard car batteries.

Last month, he began to sell these goods on Amazon.com including smartphones Kenmore. This slightly improved the situation in the company.

Overall, the company sees improvements and the fruits of the chosen tactics of the struggle for «survival», however, the experts is of a different opinion and do not predict so far no success.

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