Sears announces closure of Music City Mall location

Alicia Cross
June 3, 2018

The latest round of closures - which will begin in early September - includes more than a dozen Kmart locations, as well as Sears stores in Atlanta, Indianapolis and Tampa.

The retailer said Thursday it had set its sights on 100 unprofitable stores, and closing sales would start at 63 of them "in the near future".

Sears Holdings earlier in the day had reported a net loss of $424 million for the first quarter of 2018.

Same-store sales during the period dropped 13.4% at Sears stores and fell 9.5% at Kmart.

In Mississippi, only the Hattiesburg store on Turtle Creek Road is listed to close.

"For malls to survive they have to be more than just retail now", Walsh said.

The 125-year old company has closed almost 400 Sears and Kmart locations over the past 12 months.

After the closures, there will be about 820 remaining Sears and Kmart stores, down from about 2,000 locations five years ago when hedge fund billionaire Eddie Lampert took over as chief executive.

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Some 400 Sears and Kmart stores have closed in the past year while the parent company continues to stay solvent. No other Washington state store was on the list. (Sears initially said Thursday that 72 stores would close, then later revealed that some of the planned closures were being reevaluated).

Sears said comparable-store sales at both Kmart and Sears grew in several categories, including apparel, footwear and jewelry.

The company announced recently that shoppers could buy any brand of tires on Amazon.com, have them shipped to a Sears Auto Center and then bring in their vehicle to get them installed.

The Wall Street Journal reported that Sears is considering selling off its Kenmore appliance brand, as well as other units of its business.

Sears said overall revenue fell 31% in the three months ending May 5.

Sears has also said it received a letter from ESL Investments, expressing interest in participating as a purchaser of all or a portion of the sale Assets.

Also on the chopping block are stores at Genesee Crossing mall in Flint and Cherryland Center shopping complex in Traverse City.

Other reports by Free-Prsite

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