Colorado Springs’ two Sears department stores were spared in the latest round of 63 store closings announced Thursday by Sears Holdings Corp., the parent company of Sears and Kmart.
Sears will continue to anchor the Chapel Hills Mall on Colorado Springs’ north side and the Broadmoor Towne Center on the city’s southwest side.
A Kmart in Arvada is the lone Colorado store that will close. In April, Colorado Springs’ last Kmart, northwest of Nevada Avenue and Fillmore Street, was closed by Sears Holdings.
The store closures announced Thursday come amid plunging sales and growing losses for Sears Holdings Corp., based in suburban Chicago. Liquidation sales at the stores will begin as early as June 14 and all stores will close by early September, the company said.
Sears Holdings announced Thursday it had identified about 100 stores that are no longer profitable and would close a majority of those locations. The company initially said 72 would close, but the final list included 15 Kmarts and 48 Sears stores for a total of 63. Sears Holdings said a group of stores was pulled from the original list and “are being evaluated further.”
After this round of closures, the company will have about 800 stores, down from about 1,000 at the end of last year and far below the 2012 peak of 4,000 stores, according to an Associated Press story.
In financial results announced Thursday for its first quarter, Sears posted a quarterly loss of $424 million and said store closings already underway contributed to a drop of more than 30 percent in revenue, according to the AP story.
Sales at established stores, a key gauge of a retailer’s health, tumbled nearly 12 percent, down 9.5 percent at Kmart stores and 13.4 percent at Sears.