Sears to Shut over 100 Stores

RAPAPORT... Sears Holdings will close 103 stores across the US in Marchand April, the company announced Thursday. The group has told employees it is closing 64 Kmart storesand 39 Sears branches, with liquidation sales beginning at the affectedlocations in early January, the retailer said. Pennsylvania, where 10 Kmart andthree Sears stores will shut down, took the hardest hit. Sears "will continue to rightsize our store footprint innumber and size," the company said. "In the process, as previously announced,we will continue to close some unprofitable stores as we transform our businessmodel so that our physical store footprint and our digital capabilities matchthe needs and preferences of our members." The retailer's revenues fell 23% to $12.33billion in the nine months ending October 28, 2017, though its net loss also dropped,amounting to $565 million compared with $1.61 billion a year earlier.Image: Sears Holdings