Sears continues to shrink. The once iconic American retailer is closing 28 more of its Kmart stores later this year.
The new store closures are on top of 180 Sears and Kmart locations that have already been shuttered this year.
The company had previously announced that another 150 stores will close by the third quarter.
Sears now has 1,250 stores overall in the United States — 650 of them are Sears branded and 610 are Kmart locations.
A year ago, Sears at 709 Sears stores and 883 Kmart stores.
The company did not say how many jobs would be affected by the new Kmart closings but Sears announced 400 layoffs in June.
Sears made the announcement in yet another bleak earnings report. The company said Thursday that it lost $251 million in its second quarter.
Total revenue fell 23% and same-store sales, which measure how well locations open at least a year are doing, plunged 11.5%.
Sears is facing many of the same challenges that Macy’s, Kohl’s, JCPenney and other department stores are — growing competition from Amazon and a revitalized Walmart, which has stepped up its online shopping efforts in the past year.
That’s why Sears has been busy slimming down and taking other actions to try and turn around the company.
Sears has sold its Craftsman tool business to Stanley Black & Decker and is licensing its famous Kenmore appliances and Diehard auto parts businesses to other retailers, as well in order to raise much needed cash.
Sears also recently announced plans to sell Kenmore products on Amazon.
The company has spun off pieces of its Sears Hometown and Outlet Store division, Lands’ End and Sears Canada too. Sears Canada filed for bankruptcy in June.
Sears even set up a separate public company for some of its real estate assets — Seritage Growth Properties. Warren Buffett has personally invested in that company. But it’s not a holding of Buffett’s Berkshire Hathaway though.
And Sears has started to repair its balance sheet lately too. The company said Thursday that it now has $442 million in cash, up from $286 million at the end of January.
Sears also cut its debt load during the past few months. It now has $3.5 billion in long-term debt, down from $4.2 billion in January. Sears has slashed its inventories too as it continues to close stores.
Shares of Sears surged more than 10% Thursday morning on the news before pulling back a bit later in the day. But the stock is still down more than 35% in the past 12 months and nearly 80% in the past five years.
According to the USA Today, this is the latest list of Kmart stores slated to close:
Arizona
1445 S Power Road Mesa AZ
California
23222 W Valencia Blvd Valencia CA
10500 Wichlow Way Jackson / Martell CA
10400 Rosecrans Bellflower CA
16968 Main Street Hesperia CA
Colorado
15200 E Colfax Avenue Aurora CO
200 W Belleview Englewood CO
Connecticut
100 Main Street North Southbury CT
Florida
900 N Miami Beach Blvd North Miami Beach FL
Georgia
5590 Mableton Pkwy Mableton GA
Illinois
4101 W 95Th St Oaklawn IL
7230 Westfield Plaza Dr Belleville IL
265 S Illinois Rte 83 Elmhurst IL
Kansas
1740 Sw Wanamaker Road Topeka KS
Michigan
7601 23 Mile Road Utica / Shelby Township MI
4001 N Euclid Avenue Bay City MI
545 West Sanilac Sandusky MI
New Jersey
401 Route 38 Moorestown NJ
808 Route 46 Parsippany NJ
New York
810 Paul Road Rochester (Chili) NY
10 Cobblestone Court Drive Victor NY
374 Windsor Hwy, Rte 32 Vails Gate (New Windsor) NY
Ohio
2600 Lincoln Way E Massillon OH
Oregon
2470 Mission Se Salem OR
Pennsylvania
2620 Moreland Road Willow Grove PA
4701 Tilghman Street Allentown PA
Rhode Island
296 Garfield Ave Cranston RI
South Carolina
1610 Church St Conway SC
By: Paul R. La Monica, CNN
