Sears to Speed Up Closure of Stores

sears-to-close-stores

After a challenging holiday season, Sears will accelerate the closure of some of its stores.

Comparable-store sales in the fourth quarter dropped by 6.9 percent at Sears and by 7.2 percent at Kmart, which the also company owns.

While the quarter, which contains the critical shopping season, was better compared with the previous three quarters, overall same-store sales fell by 9.2 percent in 2015, with Sears stores leading the decline.

As for store closures, Sears Holdings Corp. said Tuesday that it will include, but not be limited to, about 50 stores that the company recently announced it would be shuttering in the next few months.

The company will attempt at least $300 million in asset sales during the first half of fiscal 2016. Sears is also still looking at options for its auto center business, which could include a sale of all or part of the operations.

Sears said Tuesday that it has reduced its debt by about $1 billion compared with 2014, and anticipates fourth-quarter revenue of $7.3 billion and full-year revenue of $25.1 billion.

The retailer will release its quarterly and full-year financial results on Feb. 25.

SOURCE: The Associated Press