Sears' Lampert Hints at Store Closings
January 24, 2014,
HOFFMAN ESTATES, Ill.-In a blog posted earlier this week on the Sears Holdings website, Chairman and CEO Edward Lampert indicated that the company will close more Sears and Kmart stores down the road.
Lampert's blog, which detailed the reasoning behind the transformation of Sears and Kmart, noted the consensus that overall retail store traffic had decreased significantly during the just-past holiday season. This consensus, Lampert said, underscores a decision Sears Holdings has made: "We very often need less space to serve our members better, and we may need fewer locations as well." He added that many other retailers have begun reducing their store counts.
He added that retailers such as Macy's, Target and J.C. Penney have also begun adjusting their store counts to meet the changes in the retail industry. "We don't make decisions to close stores lightly, and we know just how hard these decisions are on our loyal associates who have provided years of excellent service," Lampert said. "But we've also carefully studied where other retailers went wrong and how they failed to adapt to changes."
The blog did not provide specific details on upcoming store closings.
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