Newspaper article St Louis Post-Dispatch (MO)

Sears Holdings to Close Another 43 Stores None in Missouri

Newspaper article St Louis Post-Dispatch (MO)

Sears Holdings to Close Another 43 Stores None in Missouri

Article excerpt

CHICAGO * Sears Holdings Corp. is closing eight of its namesake department stores and 35 Kmart locations to cut costs and square footage in an effort to return to profitability, CEO Eddie Lampert said on Friday. No stores in Missouri are affected.

The closings are in addition to the 246 80 Sears and 166 Kmart stores already announced this year by the struggling company.

Once the largest U.S. retailer, Sears has struggled with years of losses and declining sales as shoppers have shifted from the mall to the web. The company said in February it would cut costs this year by at least $1 billion.

"This is part of a strategy both to address losses from unprofitable stores and to reduce the square footage of other stores because many of them are simply too big for our current needs," Lampert wrote in a blog post.

He added that Sears expects to open more smaller-format stores while shrinking its large, less-competitive ones. …

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