Sears take drastic measures to halt declining sales by closing 43 of their stores, as recorded in Toyworld Mag.
Sears Holdings has announced a new round of store closings, this one involving 43 locations.
The company framed the move as a strategic decision, one that it hopes will aid its return to profitability.
The retailer, which operates the Sears department stores and Kmart discount chain, has already announced 265 closings this fiscal year. The latest paring of the fleet will leave the company with 1,140 stores, slightly more than half the number of stores it operated in 2012. In this latest round of closures, 35 Kmart stores and eight Sears stores will close.
In May, Sears reported poor first quarter results, with comparable sales down 12.4% at Sears, and 11.2% at Kmart in the first quarter. Earlier this year, the company implemented a $1.25 billion cost-cutting plan, and acknowledged fears it could go bankrupt.
