Even as Sears Holding Corp. announced 66 more store closings this week, experts say more are in the offing.
Sears’ announcement involve 49 Kmart and 17 Sears stores nationwide. Three are in South Jersey: a Sears in Vineland, and Kmarts in Mantua, Gloucester County, and Manahawkin, Ocean County.
Three Kmarts in western Pennsylvania – in Belle Vernon, Indiana, and Butler — also will close. No Sears stores in Pennsylvania will be affected in this round of cuts, and no Kmarts or Sears will close in Delaware.
The closings come on top of 150 stores that the company closed this spring and are part of the beleaguered retailer’s ongoing effort to get out of the red. Sears’ store count has plummeted from a high of 4,010 at the end of 2011 to just 1,275 at the end of April 2017.
“Sears is on life support with very limited turnaround prospects on the horizon,” said Ken Perkins, president of Retail Metrics Inc., which tracks the retail industry for investors. “This most recent announcement of 66 more store closures is just another installment of what has been and is likely to be continued decline.”
Perkins said the once-iconic department store has had just one quarter of positive same-store sales growth in the last 12 years. Sears has not turned an operating profit in over four years and has managed just eight profitable quarters in the last 37.
Sears’ cumulative loss since 2008 has…