Another 63 Sears Closings Adds to Hundreds Already Registered in 2017
Sears Holdings Corp (NASDAQ:SHLD) announced another round of Sears closings, hitting 63 more locations after the holidays.
The company will shutter both Kmart and Sears locations, another step towards the company’s attempts to curb costs and reduce spending. Hundreds of locations have already been shut down so far in 2017.
Employees at 45 Kmart stores and 18 Sears locations will be seeking new employment by late January, as the company informed them that their locations would be shuttered at that time.
This is another step in the company’s long path towards closing down unprofitable locations and otherwise consolidating its stores to get out from the financial hole it finds itself in. Sears has registered approximately $11.0 billion in losses over the past six years, leading to hundreds of Sears closings across the country in 2017.
The layoffs and Sears closings will take place in Baltimore, Salt Lake City, and Nashville.
This comes on the back of the most recent U.S. Department of Labor statistics revealing that the retail industry is continuing to undergo massive layoffs industrywide.
Over 5,000 retail workers were cut in October, according to the latest data, which otherwise showed growth in several other sectors. The retail industry as a whole continues to struggle against e-commerce options that allow consumers to skip the brick-and-mortar shops in favor of online platforms.
The latest round of Sears closings only compounds on the deepening problem. Many retail stalwarts have shuttered locations, instituted mass layoffs, or even filed for bankruptcy in 2017 in order to contend with the new realities of the industry.
All told, thousands of workers in 2017 have been displaced by the difficulty that the retail industry is currently staring down, with potentially more to follow depending on the success of the holiday season.
“Sears Plans to Shutter 63 More Locations,” Bloomberg, November 3, 2017.