Sears released a list of 63 stores that it said will close in September.
After this round of closures, the company will have about 800 stores, down from about 1,000 at the end of last year and far below the 2012 peak of 4,000 stores.
Sears also posted a quarterly loss of $424 million and said store closings already underway contributed to a drop of more than 30 percent in revenue. That marks the more than five years of straight quarterly sales drop, according to FactSet.
The latest closings underscore the deep-rooted problems at Sears, which was once a one-time powerhouse retailer that survived two world wars and the Great Depression but has been calving off pieces of itself as it burns through money.
“The demise of Sears has felt like a prolonged, drip, drip, drip as evidenced by the string of quarterly sales numbers,” said Mark Hamrick, Bankrate.com senior economic analyst. “Essentially, it has been injury by a thousand cuts, whether by failing to staff stores to provide customers with good experiences or by failing to stock better quality merchandise in its stores.”
Chairman and CEO Edward Lampert, who combined Sears and Kmart in 2005 after helping to bring the latter out of bankruptcy, has long pledged to save the famed retailer, which started in the 1880s as a mail-order catalog business.
Financial expert, Doug Casey, foresaw the economic changes that would one day cripple companies like General Motors and Sears:
“[GM and Sears] were the wave of the future in 50s… [their investors] are now not betting on growth but on the success of extraordinary life-support measures” – Doug Casey
Today, Doug Casey is more reclusive, splitting his time between Aspen and a mountain retreat in South America (which he equipped with a professional grade golf course and luxury spa).
Yet, he has not lost his strange talent for accurately predicting world events well before they happen.
Recently Doug sat down for a rare talk about modern America…
What followed was a series of brutally honest revelations about everything from immigration… to political correctness (which he calls a “tsunami of raw sewage”)… to where the next stock millionaires will be made (it’s not going to be in digital assets)…
…to a new prediction that could affect your money, your lifestyle, and this country in ways few could have guessed…