Sears closing 72 stores

Earlier in the day Sears said it would be closing 72 stores, but made a decision to further evaluate nine locations.

A Kmart store in West Babylon is among 63 unprofitable stores that Sears Holdings Corp. plans to close this year, the company said Thursday.

The company previously announced it was closing 166 stores this year.

With about a half-dozen stores in New York City, it is unclear which stores will shutter but the company is expected to announce closures Thursday, according to the Wall Street Journal.

Sears has suffered from the same negative factors that have affected department stores and brick-and-mortar retail in general, but it has also faced unique challenges. The additional shutdowns come as the company's financial report showed revenue dropped more than 30 percent for the quarter.

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Separate from Sears' own issues, older malls have seen traffic declines in recent years. Past year his hedge fund, ESL Investments, doled out $1 billion in financial support to the ailing retailer. The Sears at the Phillipsburg Mall closed earlier this year, a store that had been a fixture at the Warren County, N.J., shopping center since September 1989.

With the Sears at Tech Ridge closing in April, that leaves fewer than 10 remaining open in the Austin area.

Sears announced recently that shoppers could buy any brand of tires on Amazon.com, have them shipped to a Sears Auto Center and then bring in their vehicle to get them installed.

The sale of Kenmore would be part of a broader effort by Sears to sell off its successful brands. The profit was due to a $492 million gain tied to the sale of the Craftsman brand.

(Copyright © 2015. All Rights Reserved.)
 
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