Sears closing another 20 stores

Share
Sears closing another 20 stores

It will remain open as Sears Canada Group closes down 59 of its 225 stores across the country. The company did not give details as to which stores are closing.

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.

The closure of unprofitable stores is part of the retailer's ongoing strategy of "strategically and aggressively evaluating our store space and productivity", the spokesperson said, "and [we] have accelerated the closing of unprofitable stores as previously announced". In the company's first-quarter financial results, released June 13, the retailer reported a year-over-year revenue loss of 15.2 percent for the quarter, but also a 2.9 percent increase in same-store sales compared to first-quarter sales in 2016.

Under the plan, Sears Canada has been authorized by the Ontario Superior Court of Justice to obtain up to $450 million Canadian (US$340 million) in financing to maintain operations throughout the restructuring.

Sears' agreement with Seritage lets it end its leases at unprofitable stores in exchange for payment of one year's rent. But sales continued to decline. The Sears Auto Center will close in late July. Sears is one of them. The specific timing for the store closures has not been determined.

The iconic American department-store chain has buckled under pressure from online competitors, having failed to reinvent its brick-and-mortar experience.

The company said it hopes to exit court protection as soon as possible.

Share

Advertisement

Related Posts

Ronaldo header gives Portugal 1-0 win over hosts Russia
We are just thinking about doing our best in the Confederations Cup and to go as far as we can in this tournament ". It is the second game of Portugal vs Mexico which ended in a 2-2 draw, that had so much drama and controversies.

Proposed DUP deal would not undermine Good Friday Agreement, insists May
I think we will have a sensible arrangement. " Theresa May has no mandate for the direction she is taking the country". We would have to work out what that looked like.

Recent Analysts Ratings Marathon Petroleum Corporation (MPC)
Buy rating has been given by 4 analysts to the company stock whereas 1 given UNDERPERFORM rating to stock and 3 given HOLD rating. The company was maintained on Thursday, March 23 by Scotia Capital. (NYSE:CCK) on Friday, September 30 with "Outperform" rating.

3 Secrets of Innovation Development by Max Polyakov
Also, the investor should never forget that even the biggest amount of invested resources doesn’t guarantee a success. One of the recent examples is the mass closing of brick-and-mortar shops in the USA because of Amazon’s popularity.

Are Analysts Bearish Inchcape plc (LON:INCH) After Last Week?
After $0.87 actual EPS reported by Centrica PLC for the previous quarter, Wall Street now forecasts -11.49% negative EPS growth. The stock of DIALOG SEMICONDUCT GBP0.10 (OTCMKTS:DLGNF) earned "Underweight" rating by JP Morgan on Wednesday, January 13.

Pakistan's foreign ministry confirms downing of Iran drone
During the weekly news briefing, the spokesperson said that Pakistan's policy regarding drone strikes had always been clear. To a question, the spokesperson said Pakistan has already expressed its desire to work with the new USA administration.

Senate GOP health bill would reshape Obama law
Maggie Hassan says Senate Republicans took a bill that President Donald Trump has called "mean" and made "it even more heartless". Meanwhile, protesters railed against the Senate healthcare bill during a sit-in outside of Mr McConnell's office on Capitol Hill.

Senate GOP releases bill to cut Medicaid, alter 'Obamacare'
The House version of the AHCA prohibited Americans from using federal tax credits to buy health care plans that covered abortion. The healthcare bill will be released to the Republican Senate Conference on Thursday morning and posted online, senators said.

PGA Tour announces changes to drug testing protocols
He said tour officials saw how the blood testing was administered and whether the actual testing affected performance. Commissioner Jay Monahan said the changes would "better substantiate the integrity of golf as a clean sport".

The Most Successful X Factor Winners
The song became an instant hit, selling over 1,25 million copies and this in the UK alone, yes , she was the winner of X Factor. M ore recently, “That’s My Goal” reached an outstanding total of 1.12m copies and this just in the UK factor.

© 2015 ExpressNewsline. All Rights reserved.