Sears Holdings to close 72 stores, 4 in NJ, as sales decline

BY Christopher Lang, Correspondent, @topherlang2 | May 31, 2018 | MonroeNow

Sears Holdings said Thursday that it will close 72 retail stores, including a few in New Jersey, in 2018 as sales continue to drop.

Three Sears and one Kmart in New Jersey will eventually close in 2018 out of the 72 the company identified. According to Sears, the stores in New Jersey that will close are the Sears at the Quaker Bridge Mall in Lawrenceville; Sears at Seaview Square Mall in Ocean Township; Sears at The Center Burlington Mall in Burlington and a Kmart in Clifton.

In statement released Thursday announcing the closings, the struggling retail giant said “…we have identified approximately 100 non-profitable stores, 72 of which will begin store closing sales in the near future. We continue to evaluate our network of stores, which are a critical component in our transformation and will make further adjustments as needed and as warranted.”

The news came as the company reported a first-quarter loss and declining sales. The company lost $424 million in the first quarter. Its NASDAQ listing, SHLD, was down 12.46 percent to $2.81 as of 4 p.m.

The company has closed 400 stores in the last 12 months, according to reports. Since its last profitable year in 2010, according to reports, Sears Holdings has lost more than $11.2 billion.