More store closings for Sears
HOFFMAN ESTATES, Ill. — Select Sears hometown dealer stores and Sears Hardware stores were the latest to hit the chopping block at Sears Holdings, as the company continues to implement plans to reduce expenses. The company revealed in a Wednesday document that it will close 43 Sears hometown dealer stores and 10 Sears Hardware stores over the first half of 2012.
The information came from the retailer’s annual report, filed late Wednesday, and is consistent with previously announced plans to close up to 120 underperforming Sears and Kmart stores and all nine of its remaining Great Indoors stores.
At the time of the announced store closings, CEO Louis D'Ambrosio said, "Given our performance and the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce ongoing expenses, adjust our asset base, and accelerate the transformation of our business model.These actions will better enable us to focus our investments on serving our customers."
Sears also forged an agreement in February to sell off 11 Sears mall stores to mall owner General Growth for $270 million.