Sears Guanbaidian Struggling to survive

Sears (sears) closes hundreds of stores struggling to survive (Alberta Times) Due to weak Christmas holiday sales, Sears Holdings, one of the nation's retail giants...

(Alberta Times)

Due to weak Christmas holiday sales, Sears Holdings, one of the nation's retail giants, announced on the 27th that it will close 100 to 120 Sears and Kmart department stores across the United States to save costs and revive its business. The news not only caused its stock to fall sharply, but also dragged down market trading, providing the latest example of the economic weakness impacting the retail industry. Sales at Sears, which has older stores, have continued to decline as it faces challenges from department store retail competitors such as Wal-Mart and Target. Now news of the company closing stores has caused the market to once again doubt whether this 125-year-old retail pioneer can truly turn a profit. Sears currently has more than 4,000 stores in North America, and the specific list of closed stores will be announced on the official website later. The company has not yet announced whether it will lay off employees due to the closures, but said that clearing the inventory of these stores to be closed is expected to bring in cash of 140 million to 170 million yuan. According to information released by Sears, including the key Christmas holiday sales performance, so far this quarter, including Sears and K Market, sales of stores open for at least a year have fallen by 5.2%, of which sales in K Market have fallen by 4.4%.