According to a press release from the chains' parent company, Sears Holdings, 72 non-profitable stores will close, and store closing sales will begin in the near future. For the quarter ended May 5, it reported a $424 million loss (or a $3.93 loss per diluted share), with sales at $2.9 billion compared with $4.2 billion during the previous year.
Revenue fell more than 30 percent to $2.89 billion, with store closings contributing to nearly two thirds of the decline.
Even though the current retail environment is hard for many retailers, Sears' performance has been much worse than its rivals.
A Kmart in Arvada is the lone Colorado store that will close. Besides Peabody, the only other MA store in the announcement was a Sears in Springfield.
Sears initially said 72 stores were slated to close, but later pulled some of the stores from the closing list to evaluate them further.
The Eastfield Mall's owners, New Jersey's Mountain Development, have said their plan is to "demall" the property on Boston Road, demolishing most of the buildings and replacing it with a mixed-use housing, shopping, dining and office complex. A few months later, the company said in an SEC filing that there was "substantial doubt" that it could continue operating unless it found a way to raise additional capital.
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Officials said eligible employees impacted by the store closures will receive severance and have the opportunity to apply for open positions at other Kmart or Sears stores.
In total, the company says it found 100 of its stores to be unprofitable.
The chairman and CEO of Sears Holdings is hedge fund manager Eddie Lampert, who is also both the company's biggest investor and a major lender. "By diminishing the quality of the in-store experience, Sears has basically trained consumers to avoid going inside".
The latest numbers mean another 15 Kmart stores and 48 Sears will shut down thats after Sears Holdings closed about 100 at the start of 2018 and roughly 250 the year before.
On Thursday, executives said they were looking into selling the retailer's Kenmore brand of appliances, which has been one of the bright spots in the company's performance.
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.