• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Amazon workers on food stamps have tripled despite its record revenue—and it’s just the latest evidence of the new economy of shrinking labor shares

2

After Trump says he doesn't need Congress for his $5,000 'dividend,' House Speaker Mike Johnson says not so fast but vows to try to make it happen

3

Jamie Dimon says the American Dream is slipping away. The dysfunctional baby boomer retirement wave is a major part of the problem

1

Amazon workers on food stamps have tripled despite its record revenue—and it’s just the latest evidence of the new economy of shrinking labor shares

2

After Trump says he doesn't need Congress for his $5,000 'dividend,' House Speaker Mike Johnson says not so fast but vows to try to make it happen

3

Jamie Dimon says the American Dream is slipping away. The dysfunctional baby boomer retirement wave is a major part of the problem
RetailSears

Sears Closing Another 20 Stores Amid Ongoing Sales Slide

Phil Wahba
By
Phil Wahba
Phil Wahba
Senior Writer
Down Arrow Button Icon
Phil Wahba
By
Phil Wahba
Phil Wahba
Senior Writer
Down Arrow Button Icon
June 23, 2017, 11:31 AM ET
Google source logo
Add Fortune on Google for similar content.

You can add another 20 Sears and Kmart stores to retail’s graveyard.

Sears Holdings (SHLD) is closing another 20 locations on top of recently announced shutterings, bringing to total store closures to 260 this year for the struggling retailer which is trying unsuccessfully to stanch years of sales declines. The latest closures include 18 Sears stores and two Kmart locations, according to a regulatory filing on Friday by real estate investment trust Seritage Growth Properties, which was spun off by Sears in 2015.

These stores will start liquidation sales by June 30 and be closed by mid-September, Sears said in a statement.

“We understand that members may be disappointed when we close a store, but our Shop Your Way membership platform, websites and mobile apps allow us to maintain these valued relationships long after a store closes its doors,” the company said. However, rivals Macy’s (M) and J.C. Penney (JCP) have each said at recent investor conferences that online sales also decline in areas where they’ve closed a store.

Last month, Sears Holdings reported sales fell 11.9% at stores open at least a year in the first quarter, doing much worse than other retailers and continuing a long downward trend despite the pruning of weak locations. And last week, it announced 400 corporate jobs in addition to a previously announced $1.25 billion cost restructuring. A few months ago, Sears spooked investors and stoked bankruptcy fears when it conceded there was “substantial doubt” in the market about its long-term prospects. Sears Holdings CEO Eddie Lampert last month blamed the media for exacerbating the company problems but told investors at Sears’ annual meeting that the retailer is “fighting like hell.”

Seritage Growth Properties is made up largely 235 Sears and Kmart stores in a deal that raised more than $2 billion in 2015, one of many moves it has made to shore up its finances. (A recent example is its sales of the its Craftsman brand to Stanley Black & Decker this winter.) Under terms of Sears’ agreement with Seritage, Sears can exit a lease if a store is unprofitable by making a payment equal to one year of rent. Sears recently said it was accelerating its exit from unprofitable locations. It is trying to reinvent itself as a retailer less reliant on physical space and more focused on its loyalty program. And it is testing some new formats including an appliance and mattress specific store.

The latest closings are just among the hundreds of department stores slated for shuttering by Sears, Penney, Macy’s and by regional chains.

 

About the Author
Phil Wahba
By Phil WahbaSenior Writer
LinkedIn iconTwitter icon

Phil Wahba is a senior writer at Fortune primarily focused on leadership coverage, with a prior focus on retail.

See full bioRight Arrow Button Icon

Latest in Retail


Most Popular

Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

    Latest in Retail


    Most Popular

    © 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
    FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.