Sears to shut down 80 stores

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Sears announced plans to close 80 stores this year, possibly more. The news followed a previous announcement to sell its 51 per cent stake in Sears Canada. Sears noted a $402 million quarterly loss for 2014 so far, a $123 increase from last year. Low sales continued on to consumer electronics and a rise of comps by 0.2 per cent for Sears Domestic. Kmart comps fell by 2.2 per cent. However, there was a 26 per cent growth in online and multichannel sales for the retailer.

“We are moving…to a member-centric business model focused on providing benefits to our members anytime and anyplace,” says Sears Holdings’ Chairman and CEO Edward Lampert. “Our performance in the first quarter highlights the challenges we are facing as well as the progress we are making.”

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