Sears Holdings Corp. said it will accelerate store closings and asset sales after posting a 9.2 percent tumble in same-store sales for 2015 and a 7.1 percent decline during the fourth quarter. In a press release, the retailer said its holiday selling season was hurt by historically warm weather and intense competition. Within the next few months, the retailer plans to shutter 50 stores already marked for closure. The company operates a total network of about 1,725 stores, including 979 Kmarts and 717 Sears stores.
Sears Holdings also plans to offload $300 million worth of real estate and other assets during the first half of 2016. The retailer sold 266 stores to Seritage Growth Properties — its REIT venture with landlords General Growth Properties, Macerich and Simon — last year, and could possibly sell additional properties to the entity. Sears Holdings said it is also seeking a buyer for all or part of its 27 Sears Auto Center units.
