The rise of online shopping has caused some serious financial damage in the bottom line of a lot of retail stores. More and more customers are buying products with the click of a button and avoiding the hassle of actually driving to a store.
Many major retailers have closed up shop recently, opting for online sales instead of brick-and-mortar locations. Now, another major retailer is closing dozens of locations.
Sears is set to close another 72 stores across America, according to reports. The iconic business has been struggling in recent years to remain profitable in some stores is said to have identified around 100 unprofitable locations.
"Sears Holdings Corp., based in Hoffman Estates, Illinois, lost $424 million, or $3.93 per share, in its first quarter, reversing a profit of $245 million in the year-ago quarter. The profit was due to a $492 million gain tied to the sale of the Craftsman brand," reported CBS News.
Sears has specifically performed lower than a lot of other retailers. The company cited a list of issues for why they believe the performance levels are dropping so much.
"Even though the current retail environment is difficult for many retailers, Sears' performance has been much worse than its rivals. One analyst earlier this year described the company as dealing with a 'toxic mix of issues,' including unattractive stores, dramatically falling sales and high debt levels," according to CBS News.
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