Retail crisis continues. This is the “tech disruption” due to Amazon. This is economic Darwinism at its best.
CLOSE Sears Holdings continued its steady drip of store closures Friday with the announcement that it would close 35 more Kmart locations and eight Sears stores. The department-store chain’s troubles have included several rounds of store closures this year, now totaling more than 300.
USA Today reported:
“We have fought hard for many years to return unprofitable stores to a competitive position and to preserve jobs and, as a result, we had to absorb corresponding losses in the process,” Sears CEO Eddie Lampert said in a blog post.
“It is obvious that we don’t make decisions to close stores lightly. Our efforts have been, and will continue to be, fact-based, thoughtful and disciplined, with the goal of making Sears Holdings more relevant and more competitive for our members and other constituents.”