Sears’s descent continues.
The company announced on Thursday that it plans to close more Sears and Kmart stores around the country.
A Sears spokesperson told Fox that the company plans to “close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members.”
Sears has been struggling for several years, closing dozens and dozens of stores as its business has deteriorated. Fox reports that Sears Holdings, the parent company of Sears and Kmart, hasn’t turned a profit since 2010. Just this week, Sears CEO Eddie Lampert lent the company $60 million from his personal hedge fund. Sears endured more bad news earlier this month when it cut ties with appliance maker Whirlpool after more than a century of selling its products.
At the end of July, the company operated 1,250 stores in U.S. Thursday’s announcement will deliver a blow to that figure as the company said it’ll shutter an additional 45 Kmart stores and 18 Sears stores across the country in late January.
Sears also announced this week that everything in its Sears and Kmart stores would be going on sale. The “first-of-their-kind” promotions will reportedly range from 10% to 50% discounts at Sears, and 10%- to 40%-off sales at Kmart. The sales will run through the Thanksgiving-Black Friday weekend.