It is really the end of an era when it comes to Sears and many other big box stores of yesteryear. It was once unthinkable that giants like this could ever be slain, but that is just not the case anymore. These are companies that are in decline and many could face extinction altogether.
CNBC has been helpful in providing a map of the locations that the company intends to close. They have also compiled a list of one-hundred total unprofitable locations that they will probably be closing soon as well. The company says that it intends to start clearance sales at the stores in the near future. They expect that the seventy-two stores that they have identified to be closed will be shuttered by early September.
By the end of 2018 there will be fewer than one-thousand Sears locations spread out throughout the United States. There have already been closings of sixty-four K-Mart stores as well as thirty-nine Sears stores this year. These new closing will bring those numbers even higher and highlight the struggles that Sears has been facing.
The company made the announcement of the store closings along with its earnings report for the quarter which did not turn out well. The sales for the company had dropped by thirty percent compared to the same period last year. That is something that has a lot of Sears employees incredibly concerned about the future of the company as a whole. It is hard to blame them when you consider that their whole livelihood relies on this company.
Sears has not closed off the idea that they might end up closing even more stores in the future. They are leaving that option on the table as they consider all possible ways in which they might reorganize the company and try to save it from what seems like an inevitable end.
They have been under massive pressure from online retailers such as Amazon. Another problem has been the fact that Sears has not done a good job of keeping up with the times. They have not exactly stepped up their outreach to millennial shoppers and other key demographics that they are going to need if they are serious about remaining as strong and competitive as they possibly can. Right now, we just have to keep an ear out for more closings and more news from the company about what they intend to do about their future.