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Retail

Sears Plans to Shut Down Even More Stores

Photo of Chris Lange
By Chris Lange Updated Published
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Sears Plans to Shut Down Even More Stores

© Wikimedia Commons

Sears Holdings Corp. (NASDAQ: SHLD) shares dipped on Thursday after the company announced that it would be closing more stores. This is the most recent development on its race to becoming a penny stock, or maybe worse.

The company announced that it is closing another 13 Kmart stores and 33 Sears stores as sales shrink and losses grow.

These liquidation sales at the 46 unprofitable stores marked for closure will begin at the end of August and the stores will close in November.

It’s worth pointing out that this move comes as Sears is considering a bid from CEO Eddie Lampert’s hedge fund ESL Investments to acquire its jewel Kenmore appliances from the company for $400 million.

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Overall, Sears has vastly underperformed the broad markets, with its stock down 87% in the past 52 weeks. In just 2018 alone, the stock is down 67%.

Shares of Sears were last seen down about 4% at $1.13, with a consensus analyst price target of $2.00 and a 52-week range of $1.09 to $9.63.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.

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