REAL ESTATE

Sears releases partial list of store closings; Florida hit hardest

BY Staff Writer

New York City — Sears Holdings Corp. has identified 79 of the 100 to 120 Sears and Kmart stores it said last week it would close, with the preliminary list split almost evenly between the two chains.

Florida will be hit the hardest, with 11 stores to be shuttered, the Associated Press reported. Ohio, Michigan and Georgia are not far behind with six store closures planned in their states. Tennessee, North Carolina and Minnesota are set to lose four stores each.

The list does not include any stores in Illinois, where Governor Pat Quinn two weeks ago signed into law tax breaks aimed at keeping Sears and other Illinois-based companies from leaving the state.

Click here to see the complete list of the 79 stores.

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J.Walker says:
Apr-27-2013 10:21 pm

Florida will be hit the
Florida will be hit the hardest, with 11 stores to be shuttered, the Associated Press reported. Ohio, Michigan and Georgia are not far behind with six store closures planned in their states. Tennessee, North Carolina and Minnesota are set to lose four stores each rush essays

J.Walker says:
Apr-27-2013 10:21 pm

Florida will be hit the hardest, with 11 stores to be shuttered, the Associated Press reported. Ohio, Michigan and Georgia are not far behind with six store closures planned in their states. Tennessee, North Carolina and Minnesota are set to lose four stores each rush essays

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Dismal sales forces Sears Holdings hand

BY CSA STAFF

HOFFMAN ESTATES, Ill. — Sears Holdings last week announced that it will close between 100 and 120 underperforming Sears and Kmart stores, following dismal holiday sales results for the brands.

The company said it has not yet identified which stores will be shuttered, but said that the closures are part of an overall plan to shift its focus from shoring up underperformers to concentrating its efforts on stronger stores.

"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," said Louis D’Ambrosio, CEO. "These actions will better enable us to focus our investments on serving our customers."

Sears said that the store closings will generate $140 to $170 million in cash from inventory sales. It anticipates additional proceeds from the sale or sublease of real estate holdings.

The retailer had announced numerous closings this year, but this is the largest group of closings to date.

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In case you missed it – more pricing news

BY CSA STAFF

There were no new surprises during November regarding prices at Target and Walmart.

According to the monthly price comparison conducted by Credit Suisse, Target’s prices on a basket of goods in the Chicago and Dallas markets lagged those of Walmart by 2.7%. Walmart’s prices were essentially flat with the prior month, but 6.4% higher than the same month the prior year. The increase is due to inflation, which all retailers have been passing through to varying degrees, and the firm noted that inflation appears to be moderating somewhat. Credit Suisse also noted that Walmart’s price gap relative to the universe of competitors it studies narrowed somewhat during November to 16.3% from 16.9% the prior month.

“While Walmart is looking to maintain its price leadership into 2012, its price gap versus other retailers narrowed in November, possibly indicating that they are not as aggressively focused on achieving this goal as management had previously suggested,” according to the Credit Suisse monthly price report.

As in prior months, Target’s prices were closest to Walmart’s with a gap of only 2.7%.

“While year-over-year inflation remains in the mid-single digits, pricing is beginning to stabilize on a sequential basis,” according to the firm. “Most retailers kept pricing flat compared to last month, although Safeway, CVS and Albertson’s actually lowered prices sequentially. We expect that inflation will continue to moderate in the first half of 2012.”

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