Sears Holdings is closing another 46 stores this year.
The department store chain, battling declining sales and a heavy debt load, will shut 33 Sears stores and 13 Kmart stores in November. Liquidation sales are set to begin as early as next week.
The new list of unprofitable locations released by Sears this week comes in addition to the more than one hundred Sears and Kmart locations that have already gone dark this year. The retailer is, meanwhile, in the midst of evaluating a deal to sell its Kenmore appliance brand for $400 million. As of May 5, Sears still had a total of 894 stores.
“We continue to evaluate our network of stores, which is a critical component to our integrated retail transformation, and will make further adjustments as needed,” the company said in a statement about the 46 closures.
Sears CEO Eddie Lampert’s plan to keep the retailer afloat has been to shrink its asset base, which has also given Sears liquidity to fund its operations and pay on loans, as it has closed more stores and sold off other brands, like Craftsman. But as sales continue to tumble at a double-digit rate, retail analysts say it will be difficult for Sears to bounce back.
Sears’ shares have fallen more than 85 percent over the past 12 months, bringing the company’s market cap to roughly $123 million. The stock hit an all-time intraday low of $1.09 on Thursday morning.
— Reporting by Lauren Thomas. Data visualization by John Schoen.