So far this year Kmart has closed, or plans to close, around 60 stores, leaving fewer than 100 open. Sears has closed, or will close, more than 30 stores this year, reducing its number to fewer than 200.
When it came out of bankruptcy in February, parent company Transform Co. said. originally it would close 36 Kmarts and no Sears stores. The escalation signals that the turnaround plan is not successful.
Transform Co. refused to comment on the latest round of closures.
"Sears closing stores now, before the important holiday trading season, shows that the company's business model still does not work," Neil Saunders, CEO of GlobalData Retail told CNN Business. "This is not surprising, since Sears never really had a credible plan for survival: it's always been about making cuts to help the bottom line, rather than about how to grow the top line."
He added that the company has made little effort to revive the brand or gain new customers.
"It still comes as a tired company that has little to offer," Saunders said. "In today's retail environment that is not good enough, and it suggests that Sears is still on a journey where the final destination is failure."
The company's ever-shrinking footprint is far from 2005, when Lampert merged Sears and Kmart to a $ 1
Sears & # 39; Decimated Domination
Sears has lost in excess of $ 12 billion since the last profitable year in 2010 and until the bankruptcy filing in 2018.
– CNN Business & # 39; Chris Isidore contributed to this report.