Sears Plans to Continue Closing Underperforming Stores
Posted on May 11, 2014Sears told shareholders at an annual shareholders meeting that store closings will continue. Sears has been closing its weakest under performing stores as the leases come up for expiration. The retailer is focused on its Shop Your Way reward program. The Chicago Tribune reports that 60% of sales at Sears and Kmart come from the members program.
Sears has had 28 straight quarters of declining sales. It has closed 305 stores since 2010. The Tribune says there are 1152 Kmart stores and 778 Sears stores remaining. Sears closed its downtown Chicago flagship last month.
Chain Store Age quotes Sears CEO Edward Lampert as telling shareholders, "Closing stores is going to be part of our future. I'd rather do (fewer closures) rather than more, but the world has shifted."