Sears closes another 20 stores

Posted June 24, 2017

It is important to note that last month Sears Holdings reported sales dropping by almost 12% at stores open at least a year in the first there months, doing considerably worse than other retailers.

The Sears logo is seen on the side of a store March 24, 2005 in San Bruno, California.

The Sears store in East Northport will be closing as part of another round of the flagging retail giant's store closings.

As a result of these changes, same-store sales increased in the prior two financial quarters, the retailer reports. The specific timing of the store closings has not yet been finalized.

Of the 14 Hometown stores closing, half of them are located in Alberta, including four in the Edmonton area.

Its revenues have dropped significantly in recent years as it cut 3,000 jobs - not including the latest round of layoffs - and closed half of its stores. Sears and Kmart were once go-to department stores with Amazon-like levels of merchandise assortment and customer loyalty. The announcement came after the Ontario Superior Court of Justice granted the department store chain temporary protection from creditors under the Companies' Creditors Arrangement Act (CCAA).

Sears Canada is a Canadian company that.

The company plans to continue operating throughout the restructuring and said it intends to emerge as a leaner, more focused operation better able to compete in the hyper-competitive retail industry.

Sears' agreement with Seritage lets it end its leases at unprofitable stores in exchange for payment of one year's rent. However, Sears Holdings CEO Eddie Lampert and his ESL Investments hedge fund own an approximate 45% stake in the company.