Eastland Sears Not On Latest Closure List | WGLT

Eastland Sears Not On Latest Closure List

May 31, 2018

Sears is closing another 72 stores after reporting a first-quarter loss and plunging sales. The store at Eastland Mall in Bloomington is not on the latest closure list.

The struggling retailer said Thursday it has identified about 100 stores that are no longer turning profits, and 72 of those locations will be shuttered soon.
 
Sears Holdings Corp., based in Hoffman Estates, lost $424 million, or $3.93 per share, in its first quarter. It earned $245 million, or $2.29 per share, a year earlier, a quarter that included a $492 million gain tied to the sale of the Craftsman brand.
 
Revenue tumbled more than 30 percent to $2.9 billion, with store closings already under way contributing to almost two thirds of the decline.
 
Five other Sears outlets in Illinois and a K-mart in Rockford will shut down as part of the closure. Retailers nationwide are under pressure because of the increase in Internet purchases.

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