Sears Drops Stores After Quarterly Loss

sears 2 150x150 Sears Drops Stores After Quarterly LossIn response to a quarterly loss, Sears will close some of its lower-profiting stores, reports USA Today.

While Sears can sell off its massive real estate holdings, industry watchers believe the store’s biggest problem is its unexciting merchandise and dull stores.

In a plan to turnaround Sears, the company will spin off of its Hometown, outlet and hardware stores. The deal is expected to raise $400 to $500 million. Sears will also sell 11 stores for $270 million, and will also cut inventory by $580 million.

After the plan was announced, shares have been up by nearly 95% since the beginning of the year, rising to $61.80 on Thursday.

To read the full article, visit http://www.usatoday.com/money/industries/retail/story/2012-02-23/sears-shedding-stores/53229132/1

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About Veronica Brown

I am currently the Marketing Communications Intern for the Council of Better Business Bureaus in Arlington, VA. Originally from Seattle, I am currently a student in Washington, D.C. studying International Affairs. In my spare time, I enjoy volunteering around the city, exploring the East Coast and keeping up with politics.