Tuesday, 21 August, 2018

Sears to close Kmart on E. State Street in Rockford

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Melody Ballard | 01 June, 2018, 05:00

The Sears in Davenport and the K-Mart in Des Moines are among 72 stores the Sears Holdings company plans to close in early September.

On Thursday afternoon, Sears released a list of stores set to close.

Here's the full list of the 63 more stores Sears said it is closing. When Sears actually published the list of stores closing, however, the company wound up changing the tally. Other Michigan Sears locations closing include Dearborn, Sterling Heights and Traverse City.

The Sears Auto Store in Spartanburg is scheduled to close in July, according to the statement.

"The additional 100 store closures announced today is another effort to streamline in the face of its shrinking core operations", Moody's Vice President Christina Boni said.

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The company is looking to raise cash through a potential deal with ESL Investments, the hedge fund run by Sears' CEO, Eddie Lampert.

In its latest quarterly earnings report, Sears said that comparable store sales fell 9.5% at Kmart and a whopping 13.4% at Sears locations. Sears last announced store closings in January.

The company stated it would close its last Chicago location, which had been open for 80 years, in April.

Separate from Sears' own issues, older malls have seen traffic declines in recent years.

On Thursday, Sears reported a first-quarter loss of $424 million, or $3.93 per share. In a search for more cash, the company is now weighing whether or not to sell off its Kenmore and DieHard brands. It earned US$245 million, or US$2.29 per share, a year earlier, a quarter that included a US$492 million gain tied to the sale of the Craftsman brand.

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