Legal News

Sears Announces it is Closing 80 Stores
Download PDF

It was announced this week that Sears Holdings Corp suffered a larger loss in the first quarter despite offering heavy discounts to bring in more shoppers, according to a report from Reuters.

Sears is controlled by Eddie Lampert, a hedge fund billionaire. The company has been closing stores and dropping assets as it continues to fight losses and weak sales that have hindered it since 2005. Just last week, Sears said that it was looking into selling its 51 percent stake in Sears Canada Inc.

  
What
Where


The company said this week that a possible stake sale could bring in $730 million in cash with the current value of the market.

Sears announced that it is going to close 80 or more stores in the year that ends in January. As of February, the company operated 1,980 Kmart and Sears stores in the United States. In the quarter that ended on May 3, the comparable store sales dropped by one-percent in the United States.

In the United States, comparable store sales dropped by 2.2 percent at Kmart stores, but increased by 0.2 percent at Sears stores because of higher demand for home products and appliances.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Sears also said that its gross margin dropped from 25.5 percent to 23.2 percent.

Looking for a job in retail stores? Browse here.



 

Most Popular

Legal Career Resources

July 26, 2016 Making Partner Is No Party

Summary: Once an attorney makes partner, their job does not become a big party like some associates seem to think when starting out. Read 21 Reasons Why Being a Large Law Firm Partner Is More Difficult Than Being an Associate […]

read more

SEARCH IN ARCHIVE

To Top