Sears announced today that it plans to close 72 non-profitable stores as “part of ongoing efforts to streamline the company’s operations.” The list of exact stores that will be impacted will be announced later on today.
Ray Wimer is an assistant professor of retail practice at Syracuse University’s Martin J. Whitman School of Management. He says the real story isn’t about the closures, but the selling off of the Sears private brands.
Wimer says:
“I would say the real story isn’t the closures per se, but how CEO Edward Lampert is slowing selling off the Sears private brands to one of his holding companies to inject cash into the business. Long term this hurts Sears even more as they won’t necessarily be the go-to place for Kenmore brands (as an example) if they decide to sell it.
At the moment, the successful retailers are building the private brand portfolio, not selling it off.”
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