Sears Holding Corp. has announced that it will be closing down 72 Kmart and Sears stores across the country. The announcement comes after the company identified approximately 100-non profitable stores, 72 of which will begin store closing sales in the very near futures.
This is the latest sign of the the retail company's struggle to thrive. Last year the retail giant closed more than 40 stores.
The 72 stores that are closing represents about 8% of Sear's remaining stores. reported total revenues of approximately $2.9 billion — down from $4.2 billion in the same quarter a year ago.
The company has lost more than $11.2 billion since 2010, its last profitable year.
The chairman and CEO of Sears Holdings is hedge fund manager Eddie Lampert, who is also both the company's biggest investor and a major lender.
This is sad news, and a step closer to seeing the company completely disappear from the map. What do you guys think?