Sears Is Closing 60+ Stores, but It’s Not Time to Trample the Sale Bins Yet
Update: Sears Holdings originally announced it would close 72 stores, but released a list later the same day that contained locations for 63 Sears and Kmart stores. The company may determine additional store closures.
Sears announced this week that it will close 63 more stores, less than six months after it decided to close 100 stores.
Sears, which owns Kmart, has endured six years of drooping sales revenue, The Wall Street Journal reports. Money is so tight that the company is trying to sell off its Kenmore appliance line to raise cash.
This is the company that, more than 100 years ago, let people buy entire houses out of a catalog.
The company said in a May 31 statement that it identified 100 low-performing stores before selecting the closure sites.
“We continue to evaluate our network of stores, which are a critical component in our transformation, and will make further adjustments as needed and as warranted,” the release stated.
But it’s not over yet. We’ll still have more than 800 Sears and Kmart locations at our disposal after this round of closures. So while the news certainly isn’t good for Sears fans, it’s not time to trample store employees to get your last few deals.
Another Store-Closing Sale? Yawn.
In these dark days of retail, it’s hard to get excited about a store closing sale. Yes, there are neon signs and truncated return policies to encourage a sense of urgency, but… there’s always another liquidation sale right around the corner.
There are two reasons to play it pretty chill if you explore your local store closing sale.
First, this isn’t full-on, desperation liquidation like you might find when a retailer files for bankruptcy. Sure, you might find a deal, but it’s probably not going to be a rock-bottom price.
Second, shuttering Sears and Kmart locations still have plenty of other stores where they can send unsold merchandise. If you don’t buy that blender at a modest discount at a soon-to-close store, it can get shipped off to be sold at full price elsewhere.
Go ahead, take a look around. But don’t fill your cart to the brim just yet.
Lisa Rowan is a senior writer at The Penny Hoarder, where she covers retail and grocery news.