Save this content for laterSave this content on your device for later, even while offline Sign in with FacebookSign in with your Facebook account Close

Colorado Springs Sears stores spared in latest round of closings

May 31, 2018 Updated: May 31, 2018 at 3:41 pm
0
Caption +
FILE - This May 11, 2017 file photo shows a Sears store in Hialeah, Fla. Sears is closing another 72 stores after reporting a first-quarter losses and plunging sales. The struggling retailer said Thursday, May 31, 2018 that it has identified about 100 stores that are no longer turning profits, and 72 of those locations will be shuttered soon. (AP Photo/Alan Diaz, File)

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.

Register to the Colorado Springs Gazette
Incognito Mode Your browser is in Incognito mode

You vanished!

We welcome you to read all of our stories by signing into your account. If you don't have a subscription, please subscribe today for daily award winning journalism.

Register to the Colorado Springs Gazette
Subscribe to the Colorado Springs Gazette

It appears that you value local journalism. Thank you.

Subscribe today for unlimited digital access with 50% fewer ads for a faster browsing experience.

Already a Subscriber? LOGIN HERE

Wake up with today's top stories in your inbox

Wake up with today's top stories in your inbox

or
Already a print subscriber?
Already a digital subscriber?
 
This is your last FREE article for the month
This is your last FREE article for the month

Subscribe now and enjoy Unlimited Digital Access to Gazette.com

Only 99 cents for Unlimited Digital Access for 1 month
Then $2.31/week, billed monthly, cancel anytime
Already a print subscriber?
Already a digital subscriber?

 
You have reached your article limit for the month
You have reached your article limit for the month

We hope that you've enjoyed your complimentary access to Gazette.com

Only 99 cents for Unlimited Digital Access for 1 month
Then $2.31/week, billed monthly, cancel anytime
Already a print subscriber?
Already a digital subscriber?
 

Exclusive Subscriber Content

You read The Gazette because you care about your community and the local stories you can't find anywhere else.

Only 99 cents for Unlimited Digital Access for 1 month
Then $2.31/week, billed monthly, cancel anytime
Already a print subscriber? Get Access | Already a digital subscriber? Log In
 
articles remaining
×
Thank you for your interest in local journalism.
Gain unlimited access, 50% fewer ads and a faster browsing experience.