Just a week ago, Sears Holdings (NASDAQ:$SHLD) announced it was closing 20 stores in addition to the 265 it had already closed this year. Today, on July 7, 2017, the retail company announced that it will be closing 43 more of its stores.
The 43 stores include 35 Kmarts and eight Sears stores. They are all expected to be closed by early October except for the Sears store in Schererville, Indiana, which is set to close around early August. This round of closing will bring Sears’ store count to less than 1,140 — a dramatic decrease from the 2,073 stores Sears Holdings held about five years ago.
Sears CEO Eddie Lampert addressed the high number of store closures by saying that it is part of the company’s strategy to deal with stores that weren’t profiting as well as to reduce square footage as the current number is too large for Sears Holdings.
Since Sears announced its first store closure in January, three more rounds of closures have occurred since then.
Things aren’t looking so good for the once-giant retailer. Sears Holdings has been one of the most affected big-name retailers by the rise of e-commerce. As the company continues to close stores at this rate, many believe it isn’t far from declaring bankruptcy.
Featured Image: twitter
