Sears To Close 100 To 120 Kmart, Sears Stores - Spokane, North Idaho News & Weather KHQ.com

Sears To Close 100 To 120 Kmart, Sears Stores

YAHOO.COM - Sears Holdings Corp. plans to close between 100 and 120 Sears and Kmart stores after poor sales during the holidays, the most crucial time of year for retailers.

The closings are the latest and most visible in a long series of moves to try to fix a retailer that has struggled with falling sales and shabby stores.

In an internal memo Tuesday to employees, CEO and President Lou D'Ambrosio said that the retailer had not "generated the results we were seeking during the holiday."

Sears Holdings Corp. said it has yet to determine which stores will close but said it will post on http://www.searsmedia.com when a final list is compiled. Sears would not discuss how many, if any, jobs would be cut.

The company has more than 4,000 stores in the U.S. and Canada. Its stock dropped $8.67, or 18.9 percent, to $37.18 in morning trading. The shares dipped to their lowest point in more than three years at $36.51 during the first few minutes of trading.

The company's revenue at stores open at least a year fell 5.2 percent to date for the quarter at both Sears and Kmart, the company said Tuesday. That includes the critical holiday shopping period.

Sears Holdings said the declining sales, ongoing pressure on profit margins and rising expenses pulled its adjusted earnings lower. The company predicts fourth-quarter adjusted earnings will be less than half the $933 million it reporter for the same quarter last year.

Sears Holdings also anticipates a non-cash charge of $1.6 billion to $1.8 billion in the quarter to write off the value of carried-over tax deductions it now doesn't expect to be profitable enough to use.

Sears said it will no longer prop up "marginally performing" stores in hopes of improving their performance and will now concentrate on cash-generating stores.

"These actions will better enable us to focus our investments on serving our customers," D'Ambrosio said.

The weaker-than-expected performance reflects what analysts say is a deteriorating outlook for the retailer.

The results point to "deepening problems at this struggling chain and renewed worries about Sears survivability," said Gary Balter, an analyst at Credit Suisse. "The extent of the weakness may be larger than expected but the reasons behind it are not. It begins and some would argue ends with Sears' reluctance to invest in stores and service."

Balter also said Sears' weakening performance may lead its vendors to start to worry about their exposure. click here to read more

  • Most Popular StoriesMost Popular StoriesMore>>

  • FIRST ON KHQ: Former Spokane NAACP president Rachel Dolezal facing felony theft charges for welfare fraud

    FIRST ON KHQ: Former Spokane NAACP president Rachel Dolezal facing felony theft charges for welfare fraud

    Thursday, May 24 2018 11:16 PM EDT2018-05-25 03:16:15 GMT

    SPOKANE, Wash. - Former Spokane Chapter NAACP President Rachel Dolezal is now facing legal trouble that could land her behind bars. KHQ has confirmed that Dolezal, who legally changed her name to Nkechi Diallo in 2016, is accused of 1st Degree Theft by Welfare Fraud, Perjury in the 2nd Degree, and False Verification for Public Assistance.

    >>

    SPOKANE, Wash. - Former Spokane Chapter NAACP President Rachel Dolezal is now facing legal trouble that could land her behind bars. KHQ has confirmed that Dolezal, who legally changed her name to Nkechi Diallo in 2016, is accused of 1st Degree Theft by Welfare Fraud, Perjury in the 2nd Degree, and False Verification for Public Assistance. Her potential punishment under RCW 74.08.331 could include up to 15 years in prison.

    >>
  • Woman killed in crash near Otis Orchards

    Woman killed in crash near Otis Orchards

    Thursday, May 24 2018 4:32 PM EDT2018-05-24 20:32:49 GMT

    OTIS ORCHARDS, Wash. - A woman was killed in a crash in the Otis Orchards area Thursday morning.  The crash happened near the intersection of Wellesley and Ashton. Details are limited at this time, but the car was found behind a tree and the woman driving has died, according to deputies on scene.  The intersection is closed down and motorists are asked to avoid the area. 

    >>

    OTIS ORCHARDS, Wash. - A woman was killed in a crash in the Otis Orchards area Thursday morning.  The crash happened near the intersection of Wellesley and Ashton. Details are limited at this time, but the car was found behind a tree and the woman driving has died, according to deputies on scene.  The intersection is closed down and motorists are asked to avoid the area. 

    >>
  • Mysterious wolf-like creature shot in Montana

    Mysterious wolf-like creature shot in Montana

    Thursday, May 24 2018 7:58 PM EDT2018-05-24 23:58:21 GMT
    Image Courtesy KXLO via KFBBImage Courtesy KXLO via KFBB
    Image Courtesy KXLO via KFBBImage Courtesy KXLO via KFBB

    DENTON, Mont. - A large wolf-like animal was shot and killed May 16 by a rancher near Denton, Montana. It now has wildlife officials and the public wondering what it was, according to KFBB. The animal came within several hundred yards of the rancher’s livestock. Montana Fish, Wildlife, and Parks (FWP) said in a statement the rancher shot it and reported it as required by law. The animal was a young, non-lactating female and a canid, a 

    >>

    DENTON, Mont. - A large wolf-like animal was shot and killed May 16 by a rancher near Denton, Montana. It now has wildlife officials and the public wondering what it was, according to KFBB. The animal came within several hundred yards of the rancher’s livestock. Montana Fish, Wildlife, and Parks (FWP) said in a statement the rancher shot it and reported it as required by law. The animal was a young, non-lactating female and a canid, a 

    >>
HD DOPPLER 6i
/