Connect with us

Headlines

Sears Accelerates Pace of Closing Stores

Company also obtains $200 million secured letter of credit

Published

on

Sears (Hoffman Estates, Ill.) is accelerating the pace at which it is closing the stores it already announced would be shuttered, reports Retail Dive. That number is more than 30 Sears and Kmart stores, which will bring the number of stores the company has closed during this fiscal year up to more than 200.

Once these closures are finalized, the company will have fewer than 1500 stores. In 2011, the company was operating around 3500 stores. The company has previously stated its intentions to be an “asset-light” and “member-focused” company.

The company also announced that it has obtained a $200 million secured standby letter of credit to fund its operations. 

Advertisement

FEATURED VIDEO

MasterClass: ‘Re-Sparkling’ Retail: Using Store Design to Build Trust, Faith and Brand Loyalty

HOW CAN WE EMPOWER and inspire senior leaders to see design as an investment for future retail growth? This session, led by retail design expert Ian Johnston from Quinine Design, explores how physical stores remain unmatched in the ability to build trust, faith, and loyalty with your customers, ultimately driving shareholder value.

Presented by:
Ian Johnston
Founder and Creative Director, Quinine Design

Promoted Headlines

Advertisement
Advertisement

Subscribe

Advertisement

Facebook

Most Popular