Louis area stores as retailer's sales plunge

Surrendering Stores       Sears and Kmart stores now number less than 1,000              Source Company filings Bloomberg

Sears said Thursday that it was closing another 63 stores, on top of the more than 160 locations the company has already shuttered this year.

In January, Sears Holdings said it was closing more than 100 stores in March and April of this year, 64 Kmart locations and 39 Sears stores.

In a news release, company officials said it notified associates at 15 Kmarts and 48 Sears stores that their locations will close.

The 72 stores were among 100 Sears identified that are no-longer turning a profit.

For the first quarter, net loss attributable to Sears' shareholders was $424 million or $3.93 per share, compared to net income of $245 million or $2.29 per share in the year-ago period. Last year, Sears sold its Craftsman brand to Stanley Black and Decker for $900 million.

Shares of the struggling department store operator, which have lost almost all its in the last five years, fell 10 percent to $2.89 in premarket trading. The company said eligible employees will receive severance and can apply for jobs at other Kmart or Sears stores.

Sears has been a tenant at the Northshore Mall since the early 1960s and has been a "good employer" for many local people, Walsh said. The retailer put up for auction the property its stores occupy at Mid Rivers Mall and South County Center.

ESL Investments is the hedge fund of Sears Chief Executive Officer Edward Lampert.

Another round of store closings for Sears.

Sears Holdings, which owns Kmart and Sears stores, announced a continuing trend of declining revenue and increasing financial losses on Thursday.

Liquidation sales will begin June 14.

Sears continues to far outpace its department store peers in store closures.

Sears announced recently that shoppers could buy any brand of tires on Amazon.com, have them shipped to a Sears Auto Center and then bring in their vehicle to get them installed.

This isn't the first time Sears has sold off a brand name it made famous.

Shares of Sears Holdings Corp. fell as much as 13% before the start of regular trading on news of the results.

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