KXIP vs KKR Live Score

Belleville's Kmart, at 7230 Westfield Plaza, is among the 28 that will close by the end of the year. But there are two stores in Pennsylvania - one in Willow Grove and one in Allentown - that will be shuttered. The only one that will remain open temporarily is its North Miami Beach location, which will close down in mid-December.

Prior to Thursday's announcement, the company has closed 180 Sears and Kmart stores already in 2017 including the Sears store in Salina. Store closures contributed to approximately $770 million of the decline, Sears said.

Kohl's Department Stores has also been struggling with declining retail sales, but that company's CEO said that rather than close stores, it will shrink existing stores. The analyst expected a loss of $2.48 per share.

Sears Holding reported second quarter losses of $144 million.

"We will continue to right-size our store footprint to ensure we are positioned to meet the realities of the changing retail environment, " Rob Riecker, Sears Holdings' chief financial officer, said in a call with investors.

In addition to the store in Cumru Township, Kmart once operated stores in Exeter and Muhlenberg townships, with the Muhlenberg store being among dozens that closed previous year.

The company said its efforts to streamline operations, and reduce inventory and operating expenses have been effective.

Revenue was ahead of expectations at US$4.4bn, albeit lower comparable-store sales were down 11.5%.

Sears also announced that a deal with MetLife (NYSE:MET) will annuitize $512 million of pension liabilities, further reducing pressure on the company's retirement program. This week, Sears said it would expand distribution of Kenmore vacuums and DieHard flashlights and alkaline batteries to other retailers.


COMMENTS