Maine Kmart stores spared in Sears' latest closure list
No Maine Kmart stores were among Sears Holdings Corp.’s (NASDAQ: SHLD) list of 28 to be closed later this year. The troubled retailer released the list on Thursday along with its latest quarterly results.
Most of the 28 stores are to be closed by mid-November except for the one in in North Miami Beach, Fla., which will remain open until mid-December. Liquidation sales at the impacted stores are to began as early as Aug. 31.
Maine is home to four Kmart stores, located in Auburn, Augusta, Madawaska and Waterville.
Sears, based in the Chicago suburb of Hoffman Estates, narrowed its second-quarter loss to $251 million, or $2.34 per share, from $395 million, or $3.70 per share, a year earlier.
Total revenues fell to $4.4 billion in the second quarter of 2017 from $5.7 billion a year earlier, with store closures contributing to around $770 million of the decline.
Sears said it continues to explore opportunities for its Kenmore and DieHard brands as well as its Sears Home Services and Sears Auto Center businesses by looking at potential partnerships or other transactions “that could expand distribution of our brands and service offerings to realize significant growth.”
But it also noted that “the retail environment remains challenging, with continued softness in store traffic and elevated price competition.”
Sears shares are trading 39% lower than what they were a year ago. The stock closed at $8.55 in New York on Thursday, putting its market value at around $918.7 million.
Sears remains an anchor tenant in the Bangor Mall, though a nearby Kmart was closed in April, Mainebiz senior writer Laurie Schreiber reported her Aug. 21 cover story about the Bangor Mall adapting to changing retail trends.
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