In today's world, shopping doesn’t happen at the store- it happens at home in front of the computer, sitting in a coffee shop, and even flying on a plane. Today, technology makes it possible to make every of purchase imaginable from the comfort of well… anywhere! But with the convenience of shopping from home or a cell phone, who needs brick-and-mortar stores?
One of the longest standing brick-and-mortar department stores is really feeling this threat, and after years of hoping for a miracle, they’re finally shutting their doors.
After over 100 years in business, Sears is amongst the organizations feeling a very real threat from online sales. Since 2015, Sears’ stock has taken a dramatic plummet and as of August 27th, shares are down to as low as $1.12.
In the summer of 2018, Sears Holdings Corp. provided a list of the 78 stores that would be closed by September 2018. Sears Holding Corp also acknowledged that 100 stores were “non-profitable.” Knowing the harsh numbers, executives were forced to shut 78 stores.
Sears and their sister- store, K-Mart, are taking the biggest hit. You can see the 78 stores that shutting down here!
The majority of the stores shut down in early Fall 2018. Sears had plans to keep their remaining stores open but after even more financial hardship, they were forced to close down even more stores. It is unclear how many more stores will be closing down but as of December 7th, the most recent location is being shut down is the Boise, ID Towne Square location.
In a statement made by Sears Holding Corp., future goals were discussed as well as gratitude for the organization’s team over the last several years. The statement read: “We continue to evaluate our network of stores, which is a critical component of our integrated retail transformation, and will make further adjustments as needed.”
The statement continued: “We thank associates affected by these store closures for their many contributions to our company. Eligible associates will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores.”