Google+

Sears Accelerates Store Closings

 

Sears Accelerates Store Closings

By Burt Carey

Sears, an American icon of department stores, announced this week that it will accelerate the planned closings of stores in 50 locations, following poor fourth quarter sales.

With holiday season sales figures falling short of expectations, Sears reported sales of $7.3 American icon of department stores, selling assets, 50 locationsbillion in the fourth quarter of 2015, down from $8.1 billion a year earlier. The result is $100 million short of the retail chain’s expectations for the quarter.

Sears Holdings, which also owns Kmart, blamed the losses on its sagging apparel business, which was affected by unseasonably warm weather and competition from other retail outlets.

Shares of Sears (ticker SHLD) stock dipped to $15.25 when the announcement was made Tuesday. In May 2015 its stock was selling at $45 per share.

Sears executives say they will speed up the closing of 50 unprofitable stores, which were expected to be closed over several months. While they did not say which stores would be closing, the retail giant will also look for ways to cut costs by $550 to $650 million this year, and signaled that employee numbers will be evaluated.

Based in Hoffman Estates, Ill., Sears will be looking to sell about $300 million worth of assets early in 2016, and is including a potential sale of it Sears Auto Center enterprise. It has already sold real estate investments.

Sears, which was the country’s largest retailer until Walmart displaced it in October 1989, has struggled in recent years, competing with other retailers, such as Target and H&M. It is now the fifth largest department store chain in the U.S., behind Walmart, Target, Best Buy and Home Depot. It has also encountered fierce competition for appliance sales from home improvement companies such as Home Depot and Lowe’s. Its retail standing has dipped, as well. Sears is now the 12th largest retailer in the country.

Apparel sales remain key to the Sears’ profitability, executives said, and they emphasized that the company will makes adjustments in clothing prices, variety and product sources.

The Sears & Roebuck Co., was founded in 1886 by Richard Warren Sears and Alvah Curtis Roebuck as a catalog company. It began retail operations in 1925. The company was purchased by Kmart in 2005, when the two corporations merged under the name Sears Holdings.

Sears will report final fourth quarter and annual revenue on Feb. 25.

 

Entertainment

Calvin and Company Get Real in Chicago

  Barbershop: The Next Cut DVD Review by Kam Williams Calvin and Company Get Real in Chicago  There's been a big change at Calvin's Barbershop since our last visit over a decade ago. The once-sacred male sanctuary has been converted to a unisex salon, and some feisty female employees have brought a new flava to the former man cave, including manager Angie (Regina Hall), flamboyant Draya (Nicki Minaj) and cynical Bree (Margot Bingham). Besides Ice Cube as Calvin, … [Read More its Good for You...]

Books

Legendary Civil Rights Icon Reflects upon the Past as Prologue

  Joan Trumpauer Mulholland The “She Stood for Freedom” Interview with Kam Williams Legendary Civil Rights Icon Reflects upon the Past as Prologue Joan Trumpauer Mulholland was a little girl in the 1950s. When she saw that black people were being treated differently from white people, she promised herself that she would do something to change that. As a teenager, she joined the Civil Rights Movement and protested the injustice she saw around her. During the 1960s, … [Read More its Good for You...]

Art

ART EXHIBITION: 150 Years After The Civil War

  Cynthia Groya 150 Years After The Civil War: A Contemporary Perspective January 10 - March 6, 2016 Artist's Reception: Sunday, January 24, 3:00 - 5:00 pm Nassau Club 6 Mercer Street  Princeton, NJ 08540 The ideas reflected in Groya's paintings express a conversation about struggle for equal rights in our culture, in our time. The origin of this struggle can be traced to The Civil War in our country, which ended 150 years ago. The … [Read More its Good for You...]

Real Estate

New Home Sales Jump in April

  New Home Sales Jump in April By Burt Carey Sales of new homes hit their highest rate since 2008 in April, according to the Commerce Department’s U.S. Census Bureau. April sales increased 16.6 percent over March figures, which correlates to a seasonally adjusted rate of 619,000 home sales projected for the year. The median price of those new homes was $321,000, the highest median price ever recorded. That’s up 9.7 percent from sales one year ago. The … [Read More its Good for You...]

Lifestyle

Legendary Civil Rights Icon Reflects upon the Past as Prologue

  Joan Trumpauer Mulholland The “She Stood for Freedom” Interview with Kam Williams Legendary Civil Rights Icon Reflects upon the Past as Prologue Joan Trumpauer Mulholland was a little girl in the 1950s. When she saw that black people were being treated differently from white people, she promised herself that she would do something to change that. As a teenager, she joined the Civil Rights Movement and protested the injustice she saw around her. During the 1960s, … [Read More it Good for You...]

Outdoors

Dennis “Spanky” Hill Named the 2016 Recipient

  Dennis “Spanky” Hill Named the 2016 Recipient of the Perpetual Gulf Legends Award   Child actor Spanky McFarland brought laughter, energy, compassion and devoted friendship to the beloved Our Gang comedy films in the 1930s. Now, 80 years later, another Spanky is being honored for the same wonderful traits, with marinas and tournament weigh scales replacing Hollywood sets.   In a special ceremony at the captain’s meeting for this year’s Blue Marlin Grand … [Read More its Good for You...]

Sports

Tiger Woods Opts Out of U.S. Open, Quicken Loans

  Tiger Woods Opts Out of U.S. Open, Quicken Loans By Burt Carey Tiger Woods isn’t ready to stage a comeback just yet. The 14-time major champion sent messages via Twitter and his website Tuesday that he would not be competing at either the U.S. Open at Oakmont next week or the PGA Tour’s Quicken Loans tournament the following week. "While I continue to work hard on getting healthy, I am not physically ready to play in this year's U.S. Open and the Quicken … [Read More its Good for You...]

Business

Calling All Entrepreneurs: Creating “Buzz” For Your Brands

  Calling All Entrepreneurs: Creating “Buzz” For Your Brands by Amy Lignor   This is 2016. This is an election year. “Shark Tank” is a top show on television. And more than ever people want to be entrepreneurs; be in business for themselves and make some money. But even after all this time in the computer-age, entrepreneurs are finding it difficult to see the ‘niches’ they can get into to build their brand so that all consumers know who they are and why their … [Read More its Good for You...]

Travel

Inexpensive Dream Vacations to be Found in “America the Beautiful”

Inexpensive Dream Vacations to be Found in “America the Beautiful” by Amy Lignor Say “dream vacation” and 80% of American’s minds journey to those ritzy areas, like Paris or Athens…they dream of touring the castles of London or dive into the magical history and culture of Ireland. But very few ever get the fact or remember, perhaps, that America the Beautiful is called that for a reason. There are a slew of perfect vacation spots in the good, old U.S. of A. that offer … [Read More its Good for You...]

Google+