Sears is planning to close more stores as sales plunge

caption
A Kmart store in Richmond, Virginia.
source
Business Insider/Hayley Peterson

Sears is planning to close more stores as the company’s sales losses widen.

“We expect to end up with a smaller but meaningfully-sized store base,” Sears Chief Financial Officer Jason Hollar said Thursday. “This is a necessary but painful action as the way consumers shop has changed.”

Sears reported Thursday that revenue fell 12.5% to $5 billion in the third quarter, with losses widening to $748 million from $454 million in the period one year ago.

Same-store sales dropped 7.4%, including a 10% decrease at Sears stores and a 4.4% decrease at Kmart stores.

The company is currently in the process of closing 64 Kmart stores this month, following an earlier wave of closures affecting nearly 80 Sears and Kmart stores in July.

Sears said it plans to continue to “accelerate the closing of underperforming stores,” and highlighted the fact that more than 750 leases on Sears and Kmart stores expire in the next five years – giving Sears more flexibility to close those stores.

“This lease portfolio provides us with substantial value as well as flexibility as we continue to transition to a more asset-light” company, Hollar said.

The company currently has 1,687 stores, down from 3,510 stores five years ago.

Here’s a full list of the stores that will close in December:

    Kmart #3044: Lawton, OKKmart #3180: Merrillville, INKmart #3241: Springfield, ILKmart #3320: Houma, LAKmart #3328: New Lenox, ILKmart #3355: Panama City, FLKmart #3359: Gardendale, ALKmart #3521: Binghamton, NYKmart #3556: Elkhart, INKmart #3594: Chicago, ILKmart #3644: Nashville, TNKmart #3695: Sierra Vista, AZKmart #3706: Wytheville, VAKmart #3754: Martinsville, VAKmart #3814: Kearney, NEKmart #4066: Jackson, MIKmart #4095: Joliet, ILKmart #4135: Augusta, GAKmart #4162: Salt Lake City, UTKmart #4175: Canton, OHKmart #4176: Cheektowaga, NYKmart #4439: Yakima, WAKmart #4700: Fenton, MIKmart #4717: Oak Ridge, TNKmart #4739: Clarksville, TNKmart #4772: Burnham, PAKmart #4781: Macomb, ILKmart #4837: Riverton, WYKmart #4845: Manistee, MIKmart #4851: Byron Center, MIKmart #4910: Mentor, OHKmart #4917: Thornton, COKmart #4961: Burlington, NCKmart #4970: Memphis, TNKmart #4972: Lubbock, TXKmart #4984: Tinley Park, ILKmart #7024: Scottsbluff, NEKmart #7061: New Iberia, LAKmart #7077: Harlingen, TXKmart #7174: Pikeville, KYKmart #7205: Grand Rapids, MIKmart #7216: Moorhead, MNKmart #7306: Sioux Falls, SDKmart #7356: Jonesboro, ARKmart #7412: West Valley City, UTKmart #7478: Waipahu, HIKmart #7551: Indio, CAKmart #7560: Craig, COKmart #7587: Fontana, CAKmart #7625: Los Angeles, CAKmart #7642: Natchez, MSKmart #7718: Hixson, TNKmart #7733: Alpena, MIKmart #7755: Deming, NMKmart #7775: Lafayette, INKmart #7795: Abilene, TXKmart #9129: Mount Airy, NCKmart #9146: Great Barrington, MAKmart #9397: West Saint Paul, MNKmart #9571: Cullman, ALKmart #9586: Sault Saint Marie, MIKmart #9623: Springdale, ARKmart #9728: Smyrna, TNKmart #9751: Cody, WY

If you work for Sears or Kmart and have a story to share, reach out to this reporter at hpeterson@businessinsider.com.