Sears Plans to Shut Down Even More Stores
Sears 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.
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.
[nativounit]
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.
[recirclink id=487904]
[wallst_email_signup]
Contact [email protected] for any questions or corrections.
Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
