Sears is closing 72 stores as sales tumble

  • Sears is closing 72 Sears and Kmart stores.
  • The company revealed the closures as it announced revenues dropped more than 30% for the quarter to $2.9 billion.
  • Sears previously announced a list of 166 store closures that took effect this year.
  • Over the last several months, the company has been quietly closing additional stores, as Business Insider has previously reported.


Sears said Thursday that it's closing another 72 stores, on top of the more than 160 locations that the company has already shuttered this year.  

The company said closing sales for the 72 stores would begin in the "near future." Sears also hinted at more closures to come, saying the 72 stores are among a list of 100 unprofitable stores that the company has identified.

Sears is closing more stores as the company's sales continue to slide, with revenues falling more than 30% to $2.9 billion in the most recent quarter, compared to $4.2 billion in the prior quarter. 

51 PHOTOS
The most popular grocery store in every state
See Gallery
The most popular grocery store in every state

ALABAMA: Publix 

Photo credit: Getty

ALASKA: Safeway 

Photo credit: Reuters 

ARIZONA: FrysFoodStores 

Photo credit: Getty

ARKANSAS: Harps Food Stores

Photo credit: Getty

CALIFORNIA: Trader Joe's

Photo credit: Getty

COLORADO: King Soopers

Photo credit: Getty

CONNECTICUT: Whole Foods Market 

Photo credit: Reuters 

DELAWARE: Food Lion Grocery Store 

Photo credit: Getty

WASHINGTON, D.C.: Whole Foods Market

Photo credit: Getty

FLORIDA: Publix 

Photo credit: Getty

GEORGIA: Publix 

Photo credit: Getty

HAWAII: Safeway 

Photo credit: Getty

IDAHO: Albertsons

Photo credit: Getty

ILLINOIS: Jewel 

Photo credit: Getty

INDIANA: Kroger 

Photo credit: Getty

IOWA: Hy-Vee 

Photo credit: Getty 

KANSAS: Hy-Vee

Photo credit: Getty

KENTUCKY: Kroger 

Photo credit: Getty

LOUISIANA: Rouses Markets 

Photo credit: Getty

MAINE: Shaw's 

Photo credit: Getty

MARYLAND: Safeway 

Photo credit: Getty

MASSACHUSETTS: Whole Foods Market 

Photo credit: Reuters 

MICHIGAN: Kroger 

Photo credit: Getty

MINNESOTA: Cub Foods 

Photo credit: Reuters 

MISSISSIPPI: Kroger 

Photo credit: Getty 

MISSOURI: Hy-Vee 

Photo credit: Getty

MONTANA: Albertsons

Photo credit: Getty

NEBRASKA: Hy-Vee

Photo credit: Getty

NEVADA: Albertsons

Photo credit: Getty

NEW HAMPSHIRE: Shaw's 

Photo credit: Getty

NEW HAMPSHIRE: Shaw's 

Photo credit: Getty

NEW MEXICO: Albertsons

Photo credit: Getty

NEW YORK: Whole Foods Market

Photo credit: Getty

NORTH CAROLINA: Food Lion Grocery Store

Photo credit: Getty

NORTH DAKOTA: Hombacher's

Photo credit: AOL

OHIO: Kroger 

Photo credit: Getty 

OKLAHOMA: Homeland Stores

Photo credit: Getty

OREGON: Safeway 

Photo credit: Getty

PENNSYLVANIA: Wegmans Food Markets

Photo credit: Getty

RHODE ISLAND: Shaw's

Photo credit: Shutterstock

SOUTH CAROLINA

Photo credit: Getty

SOUTH DAKOTA: Hy-Vee 

Photo credit: Getty

TENNESSEE: Publix

Photo credit: Getty

TEXAS: H-E-B 

Photo credit: Getty

UTAH: Smith's

Photo credit: Getty

VERMONT: Shaw's 

Photo credit: Getty

VIRGINIA: Food Lion Grocery Store 

Photo credit: Getty

WASHINGTON: Safeway

Photo credit: Reuters 

WEST VIRGINIA: Food Lion Grocery Store

Photo credit: Getty

WISCONSIN: Pick 'n Save 

Photo credit: Getty

WYOMING: Albertsons

Photo credit: Getty

HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

Same-store sales during the period dropped 13.4% at Sears stores and fell 9.5% at Kmart.

Sears previously announced a list of 166 store closures that took effect this year. Over the last several months, the company has been quietly closing additional stores, as Business Insider has previously reported.

The company is currently looking to raise cash through a potential deal with ESL Investments, the hedge fund run by Sears' CEO Eddie Lampert. 

In April, Lampert proposed that ESL Investments purchase Sears' Kenmore brand, its home-improvement business, its Parts Direct division, and some of the company's real estate.

"While we are pleased with the progress on our capital structure initiatives, we are continuously exploring additional opportunities to further streamline operations and adjust inventory and operating expenses," Sears CFO Rob Riecker said in a statement. The company "will need to continue to right size our store base and focus on our best stores, including our new smaller store formats."

NOW WATCH: Four MIT graduates created a restaurant with a robotic kitchen that cooks your food in three minutes or less

See Also:

SEE ALSO: Sears is closing 42 stores in 26 states — here's the list

Read Full Story