Sears to shutter another 96 stores

National

(CBS News)- The parent company of Sears and Kmart is closing another 96 stores, a sign hedge fund baron Eddie Lampert is struggling to revive the ailing retailer after buying it out of bankruptcy earlier this year. 

After the latest round of closures, the company will have only 182 stores in operation. That’s down from roughly 425 locations earlier this year, and from as many as 2,500 stores when Sears and Kmart first merged in 2005. 

Sears also secured $250 million in new financing, Transformco, the holding company for Sears and Kmart, said Thursday in announcing the closures.

After their merger, Sears and Kmart steadily lost sales amid fierce retail industry competition, changing consumer tastes and the rise of ecommerce. It declared bankruptcy in late 2018. Sears hasn’t recorded a profit since 2010 and tallied 11 consecutive years of declining sales. 

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Overcast

Abbeville

54°F Overcast Feels like 54°
Wind
13 mph NW
Humidity
74%
Sunrise
Sunset

Tonight

Mainly cloudy. Low near 45F. Winds NNE at 5 to 10 mph.
46°F Mainly cloudy. Low near 45F. Winds NNE at 5 to 10 mph.
Wind
8 mph N
Precip
10%
Sunset
Moon Phase
Waxing Crescent
Overcast

Crowley

54°F Overcast Feels like 54°
Wind
12 mph NW
Humidity
79%
Sunrise
Sunset

Tonight

Mostly cloudy skies. Low around 45F. Winds NNE at 5 to 10 mph.
46°F Mostly cloudy skies. Low around 45F. Winds NNE at 5 to 10 mph.
Wind
8 mph N
Precip
10%
Sunset
Moon Phase
Waxing Crescent
Overcast

Opelousas

52°F Overcast Feels like 52°
Wind
12 mph N
Humidity
86%
Sunrise
Sunset

Tonight

Overcast. Low near 45F. Winds NNE at 5 to 10 mph.
46°F Overcast. Low near 45F. Winds NNE at 5 to 10 mph.
Wind
8 mph N
Precip
10%
Sunset
Moon Phase
Waxing Crescent
Overcast

Breaux Bridge

54°F Overcast Feels like 54°
Wind
12 mph NNW
Humidity
77%
Sunrise
Sunset

Tonight

Cloudy skies. Low 44F. Winds NNE at 5 to 10 mph.
46°F Cloudy skies. Low 44F. Winds NNE at 5 to 10 mph.
Wind
8 mph N
Precip
10%
Sunset
Moon Phase
Waxing Crescent
Overcast

New Iberia

54°F Overcast Feels like 54°
Wind
12 mph NNW
Humidity
86%
Sunrise
Sunset

Tonight

A few clouds from time to time. Low 42F. Winds light and variable.
44°F A few clouds from time to time. Low 42F. Winds light and variable.
Wind
4 mph NNE
Precip
0%
Sunset
Moon Phase
Waxing Crescent

Sidebar

Trending Stories