LI Kmart to close

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“Although a store closing is never a positive in terms of the impact on employees, the city is hopeful that this may be a catalyst for repositioning the property for its highest and best use. Those stores will close by early September.

Plans already were in the works for the demolition of the Tacoma Mall Sears with the idea it might come back as a smaller format store.

Shares traded down more than 8% Thursday morning at $2.94, in a 52-week range of $1.99 to $10.76.

After the three Sears stores close, the retailer will still have eight stores in the Dallas-Fort Worth market. Sears Holdings said a group of stores was pulled from the original list and "are being evaluated further".

Chairman and Chief Executive Officer of Sears Holdings Edward S. Lampert said in the release that the company will explore third-party partnerships involving Sears Home Services, Innovel, Kenmore and DieHard.

The company said it had identified about 100 nonprofitable stores overall, which included the 63 set to be shuttered in the "near future".

Sears will close another 100 stores as sales plunge and losses grow. The next closest is in Bradenton. All but the Cambridge and Peabody Sears stores also have an auto center.

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The closings announced Thursday include 48 Sears and 15 Kmart stores.

The closures in MI are included as part of the Illinois-based department stores plan to cut 63 unprofitable locations as sales shrink and looses grow.

Sears Holdings earlier in the day had reported a net loss of $424 million for the first quarter of 2018.

This isn't the first time Sears has sold off a brand name it made famous. Sales at Sears stores open at least one year, a closely watched industry metric, fell 13.4 percent during the most recent quarter, while same-store sales at Kmart declined 9.5 percent.

Sears Holdings Corp. kicked off another fiscal year with declining sales from a dwindling number of stores, and more closings are on the way. It began opening retail storefronts in the 1920s.

The brand has struggled to stay afloat against competition from online retailers like Amazon and mega discounters like Walmart and Meijer. Its leadership says its working to position itself as a competitor again. The company's stock fell 12 percent, to $2.81, Thursday afternoon.