Sears to close another 72 stores amid plunging sales

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The Peabody store is one of 63 that will be shut down in the latest round of closures by the beleaguered retailer, which operates Sears and Kmart stores.

Sears also announced that it will begin closing 72 more stores out of approximately 100 that it has identified as not profitable.

Sears reported a first-quarter earnings per share loss of $3.93 on $2.9 billion in revenue. The results from the year-ago quarter included a $492 million benefit related to the sale of Craftsman. "Eligible associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores", the company said in a release.

Officials with the company won't say how many workers will lose their jobs or when the stores will close for good.

The chairman and CEO of Sears Holdings is hedge fund manager Eddie Lampert, who is also both the company's biggest investor and a major lender. Sales have fallen for more than six straight years despite efforts to revamp stores, stock more mattresses and appliances, and partner with sites like Amazon.

This story was corrected May 31, 2018, to reflect that while Sears initially planned to announce the closure of 72 stores, it held back several of those locations for further evaluation.

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Assistant City Manager Jerry Bahorski on Thursday said the principle focus of the citys plan is redeveloping the property into a mixed-use development.

"I'm astonished", said Sears shopper Nancy Boren.

Sears said sales dropped 30 percent in the most recent quarter, leading to a loss of $424 million. No other Washington state store was on the list. Amazon began selling Sears's Kenmore brand of ovens, washers and other appliances previous year.

One of three remaining Kmart stores in Colorado will be one of 63 stores that the struggling retailer will close in the coming months.

In April, Lampert proposed that ESL Investments purchase Sears' Kenmore brand, its home-improvement business, its Parts Direct division, and some of the company's real estate.

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