Glenbrook Sears not on list of store closures

Sears to close at least 72 more stores

Sears to close at least 72 more stores

Business Insider says Sears is closing more stores as the company's sales continue to slide, with revenues falling more than 30% to $2.9 billion in the most recent quarter, compared to $4.2 billion in the prior quarter.

Its chief executive, billionaire Eddie Lampert, has said the company should sell its well-known appliance brand Kenmore, home improvement businesses and real estate, and that his hedge fund ESL Investments Inc would bid for them.

The company plans to have a list of stores that will be closing later on Thursday.

"The demise of Sears has felt like a prolonged drip, drip, drip", said Mark Hamrick, an analyst for Bankrate.com.

Sears closed its store in the Enfield Square Mall two-and-a -half years ago.

The company previously announced closures for dozens of KMart stores across the country.

All of the employees is eligible for severance pay and have the option of applying for positions at other Sears and Kmart stores.

Sears Holdings has been shrinking its network of Sears and Kmart locations for years, shuttering Kmarts in Fitchburg, Newburyport, Great Barrington and Springfield and Sears stores in Burlington, Dedham and Lanesborough in the Berkshire Mall.

Sears shares, which have lost nearly all of their value in the last five years, were down almost 10 per cent at $2.90 in midday trading.

But the stores have remained an albatross. Amazon began selling Sears's Kenmore brand of ovens, washers and other appliances previous year.

The company, as of May 5, still has long-term debt and capital lease obligations totaling about $3.5 billion. The retailer sold its Craftsman line to Stanley Black & Decker for $900 million past year.

This latest round of Sears store closures comes roughly two weeks after the company said it would be closing 40 other stores in 24 states.

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