Sears to close more than 100 stores, including Mandeville Kmart

Sears closing Waterloo store by early April

In yet another blow to retail and traditional big box stores, Sears Holdings announced Thursday it would close one of its Delaware Sears locations as part of a cutback that will close 103 total Kmart and Sears locations by May.

The Illinois-based company, which owns both Sears and Kmart brands, issued a news release Thursday with a list of stores it plans to close by May. Liquidation sales will begin as early as January 12 at these closing stores.

Sears' latest store closures follow a year of cost-cutting and a pair of deals announced last month that Sears said would give it more financial flexibility heading into 2018. Three of the Sears stores are in Texas, one each in Austin on I-35, in Houston on Highway 6 and in Midland on North Midkiff Road. Sears relaunched its Wish Book catalog online late past year.

Sears stock closed at $3.58, down 18 cents or 4.79 percent, on Thursday.

The move comes in addition to closing about 250 stores announced past year. Sears leases the almost 200,000-square-foot store from Seritage Growth Properties, a real estate investment trust spun off from Sears in 2015. Since 2011, Sears has lost more than $10.4 billion.

Sears closing Waterloo store by early April
Sears to close more than 100 stores, including Mandeville Kmart

Sears had already been planning to downsize in Orland Park, where it's been an anchor store since the mall opened in 1976.

Sears chief financial officer Rob Riecker said in a recent conference call with analysts that the retailer would be focusing on improving the customer experience in its remaining stores. Macy's and J.C. Penney have also been shuttering hundreds of stores.

"It's definitely the online shopping", she said.

Business Insider reports the company's sales are down 45% since early 2013.

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