Sears Holdings Corp., owner of Sears and Kmart stores, said Thursday it plans to close 28 more Kmart locations this year, in another sign the once-iconic retailer’s financial condition is deteriorating.
The announcement about the store closings follows previous announcements from the Hoffman Estates, Illinois-based retailer that it shuttered 180 Sears and Kmart stores this year and will close 150 more locations by the end of the third quarter.
Sears also reported fiscal second-quarter financial results Thursday that put the company’s difficulties in stark relief. The retailer said overall sales at stores open at least a year – a key retail industry metric – declined 11.5% during the second quarter of 2017, below analyst expectations.
Sears is dealing with the same challenging retail environment as peers such as Macy’s and J.C. Penney Co. — falling foot traffic at shopping malls and the migration to e-commerce companies such as Amazon.com.
Due largely to the success of e-commerce companies, Sears is just one of several major retailers that are closing dozens, and in some cases hundreds of stores. Some of the retailers closing the most stores this year are not downsizing but shuttering their businesses entirely. All but one of the five companies at the top of this list have filed for bankruptcy and announced plans to close all their stores.
To identify the companies closing the most stores, 24/7 Wall St. reviewed major U.S. retailers that have announced store closings for 2017. All listed store closings are based on company announcements that will either take place entirely, or will begin, in 2017. Total store counts are based on company annual reports, when available, or corporate websites, and are U.S. store closures only, unless otherwise specified.