In the next earnings report later this year, Sears will disclose the stores it will close, according to Business Insider. Seeking Alpha reported Sears would close more than 100 stores and lay off more than 5,500 employees.
Sears stated those numbers are not correct and notes it has 200,000 employees between its namesake and its Kmart brand. “While this has resulted in store closures where appropriate – decisions that we do not take lightly – we continue to have a substantial nationwide footprint with a presence in many of the top malls in the country," the company said.
The company posted its ninth straight quarterly loss in August. Eddie Lampert, the CEO of Sears, said the company would close even more stores and cut costs in the coming months to fight the unacceptable losses. Sears has failed to compete with retailers like Wal-Mart, TJ Maxx and JCPenney. Between 1998 and 2010, the number of competitors within 15 minutes of any Sears rose from 1,400 to 4,300, according to Robin Lewis, co-author of The New Rules of Retail.