On Tuesday, Sears Holdings Corp. announced it would close 100 to 120 Sears and Kmart stores nationwide. The news came after a slow holiday season.
The company hasn’t said which stores are slated for closure, and a woman who answered the phone at the Lawrence Sears store wouldn’t comment on whether it was one of them.
Lawrence does not have a Kmart store.
When a final determination is made, the list of affected stores will be posted at searsmedia.com.
While much of the retail industry anticipated a boost in sales between Thanksgiving and Christmas, Sears Holdings Corp. saw a decline in consumer electronics, apparel and layaway sales at Kmart stores and a drop in consumer electronics and home appliances sales in Sears stores.
“Given our performance and difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce ongoing expenses, adjust our asset base and accelerate the transformation of our business model,” CEO Lou D’Ambrosio said in a press release issued Tuesday.
According to The Associated Press, the closings are the latest and most visible in a long series of moves to try to fix a company that has struggled with falling sales and shabby stores as rivals like Walmart and Target spruced up their looks and turned into one-stop shopping sources.
“There’s no reason to go to Sears,” New York-based independent retail analyst Brian Sozzi told the AP. “It offers a depressing shopping experience and uncompetitive prices.”
In 1998, the first full-size Sears department store opened in Lawrence at 2727 Iowa. Six years later it underwent a $405,000 remodel.
In the past, Sears said it had been its practice to keep marginally performing stores open as the company worked to improve them.
“We no longer believe that to be the appropriate action in this environment,” the press release noted.