HOFFMAN ESTATES, Ill. (Jan. 5, 2017) — Sears Holdings Corp. is closing 26 additional Sears retail stores, including 20 with Sears Auto Centers, as the struggling retailer continues to winnow underperforming locations.
In a statement issued Jan. 4, the company said it plans to close the 26 retail locations this spring. This announcement comes on the heels of a Dec. 27 notice that the company will shut 16 Sears stores, 10 with auto service center locations, bringing the number of closures to 42 retail locations, including 30 auto centers.
"Sears Holdings will continue to strategically and aggressively evaluate our store space and productivity, and accelerate the closing of some unprofitable stores as the company has previously announced," the company statement read.
"The decision to close stores is a difficult but necessary step as we take actions to strengthen the company's operations and fund its transformation.
"Many of these stores have struggled with their financial performance for years and we have kept them open to maintain local jobs and in the hopes that they would turn around," Sears added."But in order to meet our objective of returning to profitability, we have to make tough decisions and will continue to do so, which will give our better performing stores a chance at success."
Sears has also announced plans to close 108 Kmart stores in the coming months, and said it will sell its Craftsman tool and equipment brand to Stanley Black & Decker for a net value of about $900 million.