Sears Holdings is closing another 20 stores as the distressed department-store chain seeks to stanch the bleeding amid swirling challenges for the retail sector.
The Sears store in East Northport will be closing as part of another round of the flagging retail giant's store closings.
Sears announced this spring that it lost more than $2 billion past year. The company did not give details as to which stores are closing.
"We are making the hard, but necessary decision to close the Sears store and Sears Auto Center", Sears spokesman Howard Riefs said in an email late Thursday. Sears has almost halved its store footprint since 2012, from 2,019 then to fewer than 1,200 this year, once all planned closures are made.
"We understand that members may be disappointed when we close a store, but our Shop Your Way membership platform, websites and mobile apps allow us to maintain these valued relationships long after a store closes its doors", the company said.
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The Toronto-based real estate trust says seven of the 59 announced Sears closures are in RioCan properties and represent 0.4 per cent of the trust's annual rental revenue.
Sears warned in March that there is "substantial doubt" about its ability to remain in business due to losses that have topped $10 billion since 2010, the last time it turned a profit.
The company operates 21 Sears and 25 Kmart locations in New Jersey. There have been about 5,300 store closing announcements so far this year, according to Fung Global Retail & Technology, a retail think tank. Though the company expects to continue operations and plans on using bankruptcy as a way to protect itself after more consistent loses in sales, shares have plummeted 22%.
Riefs declined to give the number of employees affected by the closures. However, Sears Holdings CEO Eddie Lampert and his ESL Investments hedge fund own an approximate 45% stake in the company.
In April, Seritage, a developer that controls about 250 Sears Holdings properties across the US, said it was seeking new tenants to take over some of the space at five Sears and Kmart stores in Maryland.