Four Sears in MI included in company's latest round of closures

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Sears Holdings says 15 Kmart stores and 48 Sears stores will close down as leadership "streamlines" company operations.

The Kmart store at 9881 W. 58th Ave.in Arvada was on the list of closures the retailer released Thursday afternoon. "Liquidation sales will begin as early as June 14 at these closing stores".

Sears reported a first-quarter earnings per share loss of $3.93 on $2.9 billion in revenue. This compares to $245 million reported for the first quarter of 2017, which included a gain of $492 million from the sale of the Craftsman brand.

Shares of the struggling department store operator, which have lost almost all its in the last five years, fell 10 percent to $2.89 in premarket trading.

Since the start of the year, a total of two Sears and three Kmart stores in Tampa Bay have, or will, close as the company struggles against 26-straight quarters of declining sales.

The Eastfield Mall's owners, New Jersey's Mountain Development, have said their plan is to "demall" the property on Boston Road, demolishing most of the buildings and replacing it with a mixed-use housing, shopping, dining and office complex.

Sears has been closing stores on Long Island for years, the latest a location in Hicksville it shut down in April.

Sears CEO Eddie Lampert has been criticized as being distant, neglecting stores and customer service, and not innovating enough to keep the company evolving with the times.

Sears did highlight positive comparable store sales at Kmart and Sears within several categories, including apparel, footwear and jewelry.

Sears is closing an additional 72 stores, the embattled retailer announced Thursday. Those stores are among the approximately 100 stores Sears recently identified as "non-profitable".

Locally, Sears stores are located in Pasadena, Glendale, Burbank, Montebello, West Covina, Cerritos, North Hollywood and Baldwin Hills.

Furthermore, Sears used to be a goliath in appliance sales, but other large retailers, such as Home Depot and Lowe's, compete strongly in that area now, Saunders said.

"I'm astonished", said Sears shopper Nancy Boren.

Sears for years has been selling off some of its real estate under sale-leaseback agreements.

It will also close its Peabody store in July.

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