Will Recent News Hurt Sears Stock?
T = Trends for a Stock’s Movement
Sears operates as a specialty retailer in the United States and Canada. The company’s Kmart segment operates stores that sell merchandise under Jaclyn Smith and Joe Boxer labels; and Sears brand products, such as Kenmore, Craftsman, and DieHard. This segment’s stores provide consumer electronics, seasonal merchandise, outdoor living, toys, lawn and garden equipment, food and consumables, and apparel; and operate in-store pharmacies. The company’s Sears Domestic segment operates stores that sell merchandise under the Kenmore, Craftsman, DieHard, Lands End, Covington, Apostrophe, and Canyon River Blues brand names. Its stores provide appliances, consumer electronics, tools, sporting goods, outdoor living, lawn and garden equipment, home fashion products, apparel, footwear, jewelry, accessories, health and beauty products, pantry goods, household products, and toys, as well as automotive services and products.
Sears’ presence on Chicago’s State Street is about to end. The retailer announced Tuesday an April closing for its flagship store. In an e-mail, a Sears Holding Corp. spokesperson said the Hoffman Estates-based company can no longer support the store’s operating losses. Sears opened the store with great fanfare in 2001, receiving $13.5 million in tax increment-financing assistance from the city. The spokesperson says the store’s operational performance “has been poor through much of its existence.” Sears officials say about 160 employees will lose their jobs. They will be able to apply for positions at other Sears or K-Mart stores. The retailer will begin liquidating the store’s merchandise on January 26. The Sears spokesperson said the closure is part of efforts to reduce expenses and transform the retailer’s business model.