Sears to close 43 more stores to cut costsStaff Writer | July 7, 2017
Sears Holdings is closing eight of its namesake department stores and 35 Kmart locations as part of its effort to cut costs and square footage to return to profitability, chief executive officer Eddie Lampert said.
Retail The store closings are in addition to 150
Sears has struggled with years of losses and declining sales as shoppers shift online. The company said in February it would cut costs this year by at least $1 billion.
Sears expects to open more smaller-format stores while shrinking its large, less-competitive ones, Lampert wrote in a blog post.
"We reached the point in the past 12 months where some of our vendors have reduced their support, thereby placing additional pressure on our business," Lampert said. ■