Sears Holdings announced on Thursday that it would be closing 20 more United States stores, including the location that had operated near 95th Street and Metcalf since the 1960s.
Thunder Bay's Sears store at Intercity Shopping Centre is on the retailer's safe list, for now. Area stores are in the Mall of Louisiana in Baton Rouge; Clearview Mall in Metairie; Hammond Square in Hammond; and one each in Alexandria; Bossier City; Lake Charles; Monroe; and Shreveport.
These changes led to an increase in same-store sales in the last two quarters, but the continued liquidity pressures and the legacy aspect are preventing further progress in its brand reinvention, the company said in a news release. It's a remarkable decline for the former rivals, which once dominated the retail landscape.
Sears is cutting about 2,900 jobs across the country. "As a result, we hope to maintain and even grow our relationships with the members who shopped this location". In fact, Sears, J.C. Penny, Macy's and other major chains have announced store closures. That effort builds on the success of its new Ft.
Sears and Kmart will be closing a number of stores in addition to previously announced closings, according to a Business Insider report. Collins, CO Sears Appliances store a year ago - a location the company says "has surpassed projections".
Other peers in the mall space, such as Macy's and J.C. Penney, have also seen slowing foot traffic at brick-and-mortar locations, with more and more purchases being rung up online.
Sears stores have struggled with a consumer shift toward online shopping, tough competition from Wal-Mart Stores Inc. and Target Corp., and what analysts have decried as a cycle of underinvestment in stores, which many shoppers see as exhausted or lacking inventory, Crain's reported.
Around $1.5 billion, or 60% of those relinquished sales, will be in the apparel category, which includes footwear and accessories, Fung said. Sears Canada is headquartered in Toronto and operates more than 200 retail stores throughout Canada.