Sears, Macy’s Roll Out More Closings

Sears Holdings will receive a total of $775 million for its Craftsman brand.

HOFFMAN ESTATES, IL—With some of the closings already reported by local news media late last month, Sears Holdings (SHLD) made it official Thursday morning, announcing plans to shutter a total of 150 locations. The beleaguered retailer’s latest round of closures comes on the heels of Wednesday afternoon’s announcement from Macy’s Inc. that 68 of its stores would go dark

Citing “a challenging retail environment,” chairman and CEO Eddie Lampert says SHLD is taking “strong, decisive actions”—that also include selling its Craftsman brand to Stanley Black & Decker—“to stabilize the company and improve our financial flexibility.” He adds that the decision to close stores was “a difficult but necessary step as we take actions to strengthen the company’s operations and fund its transformation.”