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DETROIT (WWJ/AP) – Sears Holdings Corp. is closing another 78 stores, including three in Michigan, as it looks to restore profitability.
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In all, 68 Kmart food and 10 Sears stores will close. That accounts for about 5 percent of the company’s abundance base, which is about 1,700 stores.
Locations closing in Michigan include: the Super K on Van Born Road in Taylor, the Kmart on Houghton Lake Drive in Houghton Lake, and the Sears on Eastman Avenue in Midland. The Super K abundance is closing in mid-September, while the added two food will abutting in backward July.
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The ailing company, based in Hoffman Estates, Illinois, had said in February that it would advance the closing of barren food afterward a “challenging” anniversary season. The move appear Thursday is accepted to accomplish a “meaningful level” of banknote from the defalcation of abundance inventories and from the auction or appoint of some of the accompanying absolute estate, it said Thursday.
“The accommodation to abutting food is a difficult but all-important footfall as we booty advancing accomplishments to strengthen our company, armamentarium our transformation and restore Sears Holdings to profitability,” said Edward S. Lampert, administrator and CEO of Sears Holdings in a statement. “We’re absorption on our best members, our best categories, and our best food as we assignment to advance our transformation.”
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The closings chase a absolute analysis of the company’s locations that took into annual abundance achievement and the timing of charter expirations.
Sears Holdings has struggled for years with abrasion sales, clumsy to accumulate up with companies that advertise appliances, like Home Depot, or accepted merchandise, like Wal-Mart, or everything, as is the case with Amazon.com. The aggregation has been affairs assets to accession cash. In 2011, it operated 4,000 stores. Sears is additionally alive abroad from its focus on active a abundance arrangement into a member-focused business. Loyal shoppers accept incentives to buy. But those moves haven’t acquired abundant absorption with shoppers.
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In the fourth quarter, which includes the anniversary arcade season, acquirement at food opened at atomic a year fell 6.9 percent at Sears, and 7.2 percent at Kmart. That’s a key indicator of a retailer’s bloom because it excludes the animation from food that afresh opened or closed. The aggregation saw its fourth-quarter accident widen to $580 million, from a $159 actor accident a year ago.
Sears beneath to say how abounding workers will be afflicted from the abundance closures, but it said that an cutting majority of the jobs are part-time positions. Eligible assembly will accept severance and will accept the adventitious to administer for accessible positions at breadth Sears or Kmart stores.
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