Sears to close another 72 stores after sales plunge

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Three other Sears locations in Vernon Hills, Aurora and Gurnee will also shut down, while a Kmart in Rockford is also expected to close its doors.

Sears now has $5.2 billion in debt, up from $4.2 billion a year ago.

Hoffman Estates, Ill. -based Sears Holdings said Thursday it's identified 63 Sears and Kmart stores that are no longer profitable that will close, including the two local Sears.

The number of employees affected is not available, according to a Sears spokesman.

Sears Holdings announced Thursday its store at WestGate Mall in Spartanburg is among those the company is planning to close this summer. Some old locations have been filled.

The locations of the possible Sears closures will be released later Thursday. Back in January, Sears announced it was closing 100 stores.

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People shop at a Sears store on March 22, 2017 in Schaumburg, Illinois. The Sears at the Phillipsburg Mall closed earlier this year, a store that had been a fixture at the Warren County, N.J., shopping center since September 1989.

In 2011, when it posted its last increase in revenue, the company reported $9.4 billion. "Also, it's running out of assets to sell to prop up its balance sheet", he said.

Sales at stores open at least a year, a key gauge of a retailer's health, tumbled 11.9 percent.

"This company is on life support", said Sucharita Kodali, a retail analyst for research firm Forrester.

Altogether, the company lost about $424 million, which it says amounts to about $3.93 per share.

Sears said comparable-store sales at both Kmart and Sears grew in several categories, including apparel, footwear and jewelry.

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