It appears things are not looking good for Sears. Sadly, the company announced this week that it would be closing 77 more stores before the holiday shopping season gets underway.
According to CNN, the stores closing will be a mix of Kmart and Sears; which will total about 5,300 jobs that will be cut.
The stores’ closing is killing any dream that Sears will be able to come back from its slump and recent poor sales. In fact, even the stores that aren’t in line to close before the holidays are going to be having going out of business sales instead of preparing for the Thanksgiving rush.
A spokesman for the company addressed the closures, saying “We stated in our second quarter earnings that we would be closing unprofitable stores as leases expire and in some cases will accelerate closings when it is economically prudent. If a store is not generating a profit, it is straightforward that the store should be considered for closure.”
Sears has closed about 96 stores since February, reports the Huffington Post. The company has also said that it will continue to close stores that are “underperforming” in their area. As of now, 46 Kmarts are set to close and 31 Sears.