Sears to close 72 stores after reporting $424 million first-quarter loss


Earlier in the day, Sears Holdings officials had said they would close a total of 72 under-performing stores, but the final list noted that some had been pulled from the list for further evaluation.

For the first quarter, net loss attributable to Sears' shareholders was $424 million or $3.93 per share, compared to net income of $245 million or $2.29 per share in the year-ago period. The stock has fallen almost 80 percent over the past two years.

The most recent quarter marks its 26th consecutive decline in sales.

The Sears at Macomb Mall in Roseville announced it was closing last summer, one of 265 stores nationwide to be shuttered.

CBS 2's Dorothy Tucker has the story outside a Sears store in Vernon Hills. Eligible employees at those stores will get severance and the opportunity to apply for open jobs at other stores owned by the company, according to a news release from Sears.

The 72 stores are among 100 "non-profitable" stores identified by the company, according to its financial disclosures.

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That includes the Sanford store, one of our Sears department stores in Central Florida.

In a press release the company said it will partner with Amazon on tire sales.

It has become the poster company of big box retail's decline amid the rise of e-commerce. In April, Lampert's hedge fund, ESL Investments Inc., said it was willing to purchase those assets itself. The Sears attached to Battlefield Mall in Springfield, Mo., and a freestanding Sears in Cape Girardeau were also up for auction. "Rightly or wrongly, the negative national publicity regarding Sears for more than five years now hurts any mall where they are located". "Sears is really a real estate company".

Sears now has $5.2 billion in debt, up from $4.2 billion a year ago.

This isn't the first time Sears has sold off a brand name it made famous.

Sears has already sold its Craftsman brand, sending it to Stanley Black & Decker, which then cut a deal to bring the tool and equipment brand to Sears' competitor Lowe's.