Sears Holdings on Friday announced it would close 43 stores it owns, including eight Sears locations and 38 Kmart shops.
“We have fought hard for many years to return unprofitable stores to a competitive position and to preserve jobs and, as a result, we had to absorb corresponding losses in the process,” Sears Holdings CEO and Chairman Eddie Lambert said in a blog post.
“This is part of a strategy both to address losses from unprofitable stores and to reduce the square footage of other stores because many of them are simply too big for our current needs,” he added.
“Our efforts have been, and will continue to be, fact-based, thoughtful, and disciplined, with the goal of making Sears Holdings more relevant and more competitive for our members and other constituents.”
Some Twitter users on Friday commented on how the new closures would impact their communities.
USA Today on Friday reported that Sears has made several rounds of store closures this year, shuttering more than 300 locations so far.
MarketWatch on Friday reported that the company’s shares, meanwhile, tumbled 3 percent following Lampert’s announcement.
Sears reportedly last closed stores less than a month ago, pulling the plug on 20 locations nationwide.
The retail chain is one of several major brands that have struggled to keep pace with changes brought on by online shopping and the rise of popular websites like Amazon.