Sears Holdings to Shutter More Stores Prompted by Weaker Q4 Results
Sears Holdings, the Illinois based company is planning to shutter several Sears outlets all over the nation prompted by weak fourth quarter results.
On Wednesday, Sears Holdings, the owner of Kmart and Sears announced that it will close several stores earlier than planned to counter a drop in sales in the fourth quarter. About fifty stores including Sears and Kmart both will be shuttered. Sears immediately could not say exactly how many workers will be affected from the store closures.
It is not that the two brands do not have loyal shoppers but the loyalty was not enough to turn into sales. In 2015, sales figure went down in both Sears and Kmart approximately seven percent in Q4.
Andrey Mikhailitchenko, who is a marketing professor and director of the Center for Small Business at California State University, Sacramento, said that among the younger shoppers, Sears lacks brand identity which could be a cause for its dipping sales.
Like some other popular retailers even Sears Holdings is exploring the web along with other online technologies for pulling up the slipping sales which will finally result in less reliance on the brick and mortar stores. The company is also selling some assets to cut costs.
New Zealand News
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