Sears to close 89 stores
Thomas Sosnowski -- Home Textiles Today, January 8, 2001
HOFFMAN ESTATES, IL -Continuing the recent tide in the battered retail world, Sears, Roebuck & Co. announced its plans last week to close 89 underperforming stores, four of which are full-line department stores.
Most of the closures, to take place during the first quarter, were among Sears' 2,100 specialty retail locations, including National Tire and Battery stores and hardware stores.
"Our actions reflect our heightened focus on productivity and returns," Alan Lacy, the new chairman and ceo, said in a statement. "By closing underperforming NTB and hardware stores we will enhance the profitability of Sears' off-the-mall businesses."
Sears reported a 1.1 percent decline in revenues from comparable domestic stores during the holiday period.
Just four of its 860 full-line department stores-Voorhees, NJ; Scottsdale, AZ; Owings Mills, MD; and Homestead, FL-will be affected.