Research+Reports News

Reports: Sears to Close 34 Auto Centers

Order Reprints

Oct. 29, 2014—Sears Holding Corp. will close more than 100 stores, including 34 auto centers, and lay off more than 5,400 employees, according to a Reuters report.

According to the report, Sears is closing stores that generate little revenue to cut costs as it shifts to an "asset-light" business model. Sears lost nearly $1 billion during the first half of the fiscal year — a slump that has worried some vendors and prompted a series of moves by the company to cut its losses and generate cash.

A Sears spokesman declined to include the specific number of stores and employees to Reuters, but a report from financial website SeekingAlpha.com, pegged the cuts at 63 Kmart locations, 34 Sears stores, and 34 Sears Auto Centers.

An update from Sears is expected to be made when the company gives its earnings report in November.

Recommended Products

2015 Ratchet+Wrench Shop Performance Survey: Complete Report

2017 Ratchet+Wrench Shop Technology Survey: Complete Report

2016 Ratchet+Wrench Shop Performance Survey: Complete Report

Related Articles

Reports: Aluminum Ford F-150 to Debut at Detroit Auto Show

Reports: December Auto Sales to See Increase

Strong May Could Raise 2015 Auto Sales to 17 Million

You must login or register in order to post a comment.