Tags: Sears | close | Stores | Costs

Sears to Close 62 Stores in First Half of This Year to Cut Costs

Friday, 16 Mar 2012 09:39 AM

Sears Holdings Corp., the department-store chain controlled by hedge fund executive Edward Lampert, plans to close 62 retail stores in the first half of this year to reduce expenses.

The closings include 43 Sears Hometown stores, 10 Sears Hardware stores and 9 The Great Indoors stores, the Hoffman Estates, Illinois-based company said in a filing yesterday with the U.S. Securities and Exchange Commission. The company, which also owns the Kmart chain, had 4,010 stores as of Jan. 28.

Lampert, who is Sears’s chairman and controls about 60 percent of its shares, is spinning off units to generate cash and closing stores after the company posted its largest quarterly loss in at least nine years last month. Sears said last month it planned to raise as much as $770 million by selling 11 store sites and separating some smaller-format businesses.

Sears rose 4.3 percent to $83.43 yesterday in New York. The shares have more than doubled this year.


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2012-39-16
Friday, 16 Mar 2012 09:39 AM
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