Fourth-quarter comps fell 10.3 percent
Sears Holdings said it is looking to optimize its real estate portfolio, a phrase generally taken to mean it is weighing closing more ugg australia outlet stores.
The company has already said it is planning to close 108 Kmart and 42 Sears ugg australia outlet stores.
A statement from CEO Eddie Lampert said the closures, as well as other cuts in overhead, will lead to $1 billion in savings in 2017. He said that the company’s fourth-quarter 2016 results have evidenced “significant year-over-year improvement” and that it has “made progress toward profitability.”
Still, those results don’t seem that upbeat: Although the company posted a lower loss in terms of EBITDA, its comps declined 10.3 percent, with ugg australia sales falling 8 percent at Kmart and 12.3 percent at Sears Domestic.
(Photo courtesy of Sears)