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Sears is closing 72 more stores

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Sears will close at least 72 more stores as sales plunge and losses mount.
The list of store closings is due to be announced mid-day Thursday. Sears said it identified 100 non-profitable Sears and Kmart stores and picked 72 for closure "in the near future."
The company closed a total of nearly 400 stores during the past 12 months, and now has a total of 894 left, including the 72 slated for closure. The two chains had a total of 3,500 U.S. stores between them when they merged in 2005.
Sears said overall revenue fell 31% in the three months ending May 5. While most of that decline was due to previous store closings, sales fell 12% at the stores that remained open.
The lower sales resulted in a $424 million loss for Sears Holdings (SHLD), the holding company that owns by Sears and Kmart. The company has lost more than $11.2 billion since 2010, its last 
profitable year.
Sears is looking to sell its Kenmore appliance brand in an effort to raise cash, after selling off its Craftsman tool brand a year ago.
Shares of Sears tumbled another 3% on the results in premarket trading.

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How Amazon founder Jeff Bezos went from the son of a teen mom to the world's richest person

On Thursday, Amazon founder and CEO Jeff Bezos became the richest person in the world.
Worth more than $90 billion, according to Forbes, he took the top spotfrom Microsoft co-founder Bill Gates, thanks to recent jumps in the value of Amazon stock.
But Bezos hasn't always been the billionaire titan he is today. He was born the son of a 16-year-old mom and deadbeat dad. And he didn't set out to be the CEO of an e-commerce juggernaut.
Biographer Stone suggests that Bezos' childhood may have contributed to his obsession with success. "It is of course unknowable whether the unusual circumstances of his birth helped to create that fecund entrepreneurial mix of intelligence, ambition, and a relentless need to prove himself. Two other technology icons, Steve Jobs and Larry Ellison, were adopted, and the experience is thought by some to have given each a powerful motivation to succeed," Stone writes.