Sears To Close Another 72 Stores As Sales Plunge
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NEW YORK (AP/KDKA) - Sears is closing another 72 stores after reporting a first-quarter losses and plunging sales.
The struggling retailer said Thursday that it has identified about 100 stores that are no longer turning profits, and 72 of those locations will be shuttered soon.
The following Pittsburgh-area stores will be closing in early September:
- Kmart -- 1072 Mountain Laurel Plaza, Latrobe
- Sears -- 300 S Hills Village, Pittsburgh/South Hills
- Sears -- 1000 Robinson Center Drive, Pittsburgh
The Sears Auto Center in the South Hills will be closing in late June. Liquidation sales will begin as early as June 14.
Click here for a full list of closing stores.
Sears Holdings Corp., based in Hoffman Estates, Illinois, lost $424 million, or $3.93 per share, in its first quarter.
It earned $245 million, or $2.29 per share, a year earlier, a quarter that included a $492 million gain tied to the sale of the Craftsman brand.
Revenue tumbled more than 30 percent to $2.89 billion, with store closings already under way contributing to almost two thirds of the decline.
Shares are down more than 3 percent before the opening bell.
(TM and © Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
