Sears to close 72 more stores, including one Kmart in Arvada


A Kmart store in West Babylon is among 63 unprofitable stores that Sears Holdings Corp. plans to close this year, the company said Thursday.

Sears, which has seven stores in the Triangle, announced Thursday that it would close another 72 stores as it continues to struggle with plunging sales.

The Sears store at Fox Valley Mall in Aurora is among 63 stores that the retailer will close. Some affected workers will be eligible for severance pay and have an opportunity to apply for open positions at nearby stores, the release said.

Rob Riecker, Sears' chief financial officer, said in a pre-recorded call that Sears must close poorly performing stores and "focus on our best stores, including our newer smaller-store formats".

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Sears sales fell in its latest quarterly report, extending a series of declines that extends back more than six years for the once dominate retailer.

The Sears at Macomb Mall in Roseville announced it was closing last summer, one of 265 stores nationwide to be shuttered.

The sale of Kenmore would be part of a broader effort by Sears to sell off its successful brands. The Sears attached to Battlefield Mall in Springfield, Mo., and a freestanding Sears in Cape Girardeau were also up for auction.

Perich said purchasing the Sears store, which comprises 93,000 square feet on two levels, would enable Washington to consolidate its ownership at the state's second largest mall, which has a gross leasable area of 1 million square feet. It also closed its stores in the Southpark Mall in Colonial Heights in January and in Regency mall in Henrico County in September. In the first quarter of 2017, it had reported a net gain of $245 million, but that figure included a gain of $492 million realized from the 2017 sale of the Craftsman brand to Stanley Black & Decker. Revenue plunged more than 30 percent to $2.89 billion, with store closings already under way contributing to nearly two thirds of the decline. Shares are down more than 90 percent from five years ago, when they were trading at $36.83.