Sears Closed 68 Stores And 10 Stores This Summer.

U.S.A

Giant

The holding company will close the Kmart68 family market and 10 Sears in this (2016) summer.

The purpose of this drastic plan is to strengthen the company's operation and towards the goal of turning profit into deficit.

The company said in February (2016) that the company plans to close its depleted stores.

This move follows the comprehensive assessment of the group's market mix, taking into account the past and recent market performance and the expiration date of the lease.

EdwardLampert, executive director of the company, said: "closing the market is a difficult decision, but it is a necessary step, because we take positive actions to strengthen the operation of the company and provide funds to facilitate the pformation and restore the profitability of Sears.

We are bringing together our best members, best categories and best stores to accelerate the pformation of the company.

Almost all Sears stores and Kmart supermarkets will be closed in late July, and 2 Kmart supermarkets will be closed in mid September.

Clearance sales are expected to start in the near future.

Sears expects that the end of the market can be converted to stock market and some related real estate sales or sub leased, can obtain "meaningful" cash notes.

At the beginning of this (4) month, more than $1 billion 200 million in debt financing was introduced to help pform the company and fulfill its financial responsibilities. The company said that the company has taken important steps towards the first goal of restoring profitability in 2016.

Sears expects its net loss to ease from $159 million in the same period last year to US $580 million, while gross margin decreased from 24.4% to 21.8%.

Revenue fell from $8 billion 100 million to $7 billion 300 million.