Reports: Sears to Close 34 Auto Centers
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.