Retail icon Sears Holdings is going through another round of store closings that will kill 68 Kmart and 10 Sears stores across the country.
Hundreds of under-performing stores have been cut in the last two years by Sears Holdings, but its economic bleeding continues unabated. Sears Holdings reported $580 million in losses for the quarter ending Jan. 30.
The Illinois-based company released a statement Monday saying “aggressive actions” were needed to save its future.
“The decision to close stores is a difficult but necessary step as we take aggressive actions to strengthen our company, fund our transformation and restore Sears Holdings to profitability,” CEO Edward S. Lampert said. “We’re focusing on our best members, our best categories, and our best stores as we work to accelerate our transformation.”
Liquidation sales will be held April 29 and May 12, USA Today reported.
The company, which has survived for over 120 years and was the largest U.S. retailer in the 1980s, did not mention the total number of jobs that would be lost, CNN reported. The store has not been profitable since 2012.
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Sears is just one of many retailers that have struggled in recent years. As WND reported in July 2015, Abercrombie & Fitch, Barnes & Noble, Chico’s, Children’s Place, Coach, Fresh & Easy, Gymboree, JCPenney, Macy’s, Office Depot, Pier One and Pep Boys are a small sampling of retailers that shuttered stores last year.
Retail stalwarts Macy’s closed 14 of its 790 stores last year and JCPenney did the same with 39 of its own.
“I believe that we are on the verge of a number of business failures of specialty retailers as well as some national general retailers which in turn will have a domino effect on those dealing with the retail industry,” bankruptcy expert Chuck Tatelbaum predicted in an interview with WND in January 2015.