Sears Holdings Corp. has revised the number of stores it plans to close in early September to 63, down from the previously announced 72 stores, as it looks to further evaluate the small group of stores it pulled from the list of closures.
The Illinois-based retailer reported that it will shutter 15 Kmart and 48 Sears locations. The company released fiscal first-quarter earnings with unprofitable results and a significant decline in revenue year over year. Sears reported a net loss of $424 million in the quarter on the back of a revenue loss of $2.89 billion. Liquidation sales will begin as soon as June 14 for the closing stores.
Employees affected by the store closures have the opportunity to apply for open positions at other Kmart and Sears stores in the area, and eligible employees will receive severance.
The retailer will also close Sears Auto Centers in June and July at some of the closing Sears locations, the release said.
