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Sears laid off 200 corporate employees in June, the company told Business Insider on Wednesday. In a memo to employees dated June 26, Sears CEO Eddie Lampert said the cuts were part of an effort to streamline operations and return the company to profitability.
A retail apocalypse is ripping through America, leaving clearance sales and empty malls in its wake. More than 3,8000 stores are set to close across the US in 2018, leaving malls emptier than they have been since 2012.
Sears stores have introduced handwritten pricing signs. At a Sears location in Virginia, the signs are giving customers the impression that the store is closing and holding a liquidation sale, even though the store has no plans to close, an employee told Business Insider.
Sears said Friday it would close another 10 stores, after announcing in the last month that it would close 68 stores by September. The company said that closing sales would begin by in July and that the stores would close permanently in September.
A Kmart store just opened inside a Sears in Brooklyn, but there’s a major downside to shopping there
Sears is testing out new initiatives to turn its business around. Last weekend, a Kmart opened inside of a Sears store in Brooklyn, New York, in an effort to become more of a one-stop shop.
Sears’ prices are going up during a liquidation sale — and it’s a common practice at closing stores across the US
Sears' prices increased — in one case by as much as nearly $400 — during a liquidation sale for one its closing stores. "Pricing is determined by the liquidator of the store, which is true for any retailer closing a store," a Sears spokesman told Business Insider.
In the Chicago suburb of Waukegan, Illinois, the design firm JGMA converted an old Kmart into a bright blue-and-green high school. Before the transformation, the big-box store laid abandoned.
Sears is closing at least 40 stores, including 31 Sears stores and nine Kmart stores. The closing stores span 24 states including Arizona, California, Florida, Missouri, Ohio, and Minnesota. Most of the stores will close in July and August.
Sears is terminating the leases on nine stores in California, Nevada, Iowa, and Illinois.
The stores were not included in two previously announced rounds of mass closures to be carried out this year, which affected a total of 166 stores.