Sears to eliminate four Great Indoors, reposition others
August 28, 2003-- Home Textiles Today,
Hoffman Estates, IL — Sears said it will close three of its The Great Indoors units and convert a forth into an outlet format, which will leave it with 18 TGI units in 11 markets.
Remaining stores will be remodeled to create greater profitability — long the concept’s Achilles’ heel. The average TGI store generates $30 million in annual sales, Sears said.
“The Great Indoors is a viable, important format that has always resonated with customers,” said Sears chairman and ceo Alan Lacy. “The business continues to hold great promise.”
To improve profitability, the chain plans to enhance inventory management, leverage Sears’ distribution network, refine merchandising to include greater product assortments, optimize floor space allocation, and improve product sourcing and vendor strategies.
The stores to be closed are located in Arlington and Willowbrook, TX, and Cincinnati. The store slated for outlet conversion is in Shelby, MI.
Sears will take an after-tax charge of between $75 million in $100 million in the third quarter to cover expenses related to the remodels and closures.
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