New list of Sears, Kmart store closures includes another Hawaii location

Jun 01, 2018, 16:32
New list of Sears, Kmart store closures includes another Hawaii location

Locally, Kmart has a location at 975 Fairmount Ave. while a Sears is located within the Chautauqua Mall.

Sears is closing another 72 stores after reporting first-quarter losses and plunging sales.

When the company posted a list on its corporate website of Sears and Kmart stores that will be closing, it did not include the Oakwood Mall anchor store or any of the company's other locations in Wisconsin.

The stores will close in September.

Rob Riecker, Sears' chief financial officer, said in a pre-recorded call that Sears must close poorly performing stores and "focus on our best stores, including our newer smaller-store formats".

This is in addition to the 64 Kmart stores and 39 Sears stores that have already shut down this year.

"We continue to evaluate our network of stores, which are a critical component in our transformation, and will make further adjustments as needed and as warranted", Sears said in a statement announcing its fiscal first-quarter results. "By diminishing the quality of the in-store experience, Sears has basically trained consumers to avoid going inside".

The retailer put out its earnings, which were dismal, and announced it would do another round of store closures.

The announcement of the Peabody store closing was expected after a developer filed plans earlier this month to build a fitness center and outdoor pool near the site of the current Sears.

The company said total revenue for the first quarter was $2.9 billion, down from $4.2 billion in the same quarter a year ago. While most of that decline was due to previous store closings, sales fell 12% at the stores that remained open.