Bradley Square Mall Sears targeted for closure
(WRCB/AP) – One local Sears location has been identified as being targeted for closure.
Thursday, Sears Holdings Corporation released a list of 79 stores that will be closed sometime next year.
Among those on the list is the Bradley Square Mall location, located at 200 Paul Huff Parkway.
Sears Holdings says each store is typically staffed with 40 to 80 employees.
The company expects to close between 100 and 120 stores.
The company has not released a date when it plans to close the Cleveland store.
The company has more than 4,000 stores in the U.S. and Canada. Its stock dropped $8.67, or 18.9 percent, to $37.18 in morning trading. The shares dipped to their lowest point in more than three years at $36.51 during the first few minutes of trading.
The company's revenue at stores open at least a year fell 5.2 percent to date for the quarter at both Sears and Kmart, the company said Tuesday. That includes the critical holiday shopping period.
Sears Holdings said the declining sales, ongoing pressure on profit margins and rising expenses pulled its adjusted earnings lower. The company predicts fourth-quarter adjusted earnings will be less than half the $933 million it reporter for the same quarter last year.
Sears Holdings also anticipates a non-cash charge of $1.6 billion to $1.8 billion in the quarter to write off the value of carried-over tax deductions it now doesn't expect to be profitable enough to use.
Sears said it will no longer prop up "marginally performing" stores in hopes of improving their performance and will now concentrate on cash-generating stores.