Five years ago, Sears Holdings, who operates Sears and Kmart stores had over 2,000 stores. Then Obamanomics hit and the company began losing billions of dollars, forcing them to start closing stores. After losing close to $10 billion, the company announced the closings of 265 more stores for this fiscal year. However, as sales continue to plummet, the company has announced the closing of another 42 stores, mostly Kmarts.
Here we go again.
Sears Holdings (SHLD, -1.89%) on Friday announced a new round of store closings, this one involving 43 locations. The company framed the move as a strategic decision, one that will aid in its hoped-for return to profitability.
The retailer, which operates the Sears department stores and Kmart discount chain, has already announced 265 closings this fiscal year. The latest paring of the fleet will leave the company with 1,140 stores, barely more than half the number of stores it operated in 2012. In this latest round of shutterings, 35 Kmart stores and eight Sears stores will close. (See list below.)
That’s likely not the last of it, either. In a blog post, company CEO Eddie Lampert said more closings are coming.
Obamanomics was responsible for many stores, large and small, closing their doors and putting tens of thousands of people out of work. President Donald Trump has plans to help American businesses to continue to recover from Obama’s disastrous economic agenda. However, it generally takes a couple of years for a President’s policies to really turn things around. Sears Holdings is still reeling from Obama’s policies, but Obama didn’t care.