In its first quarter ending on May 5, Sears Holdings reported losing $424 million. The results from the year-ago quarter included a $492 million benefit related to the sale of Craftsman.
Revenue at Sears Holdings fell to about $2.9 billion in the quarter from $4.2 billion in the same period of 2017, with store closures contributing to almost two thirds of the decline, the company said.
Even though the current retail environment is hard for many retailers, Sears' performance has been much worse than its rivals.
A liquidation sale will begin as early as June 14.
A Sears Hometown store still is in operation on Avenue of the Cities in Moline, but the SouthPark Mall location closed in 2013.
In January, the retailer announced it was closing 103 stores, including the store at Orland Square Mall. [Full list here.] Workers at those stores will receive severance pay and can apply for openings at other nearby Kmart or Sears stores, according to the company.
Although a store closing is never a positive in terms of the impact on employees, the city is hopeful that this may be a catalyst for repositioning the property for its highest and best use.
"Our top priority is successfully executing our transformation to return to profitability and remain a competitive retailer for years to come", said Riecker, despite a "challenging" first quarter. The chain now only has two Sears stores in the region - at Chesterfield Towne Center and Virginia Center Commons in Henrico.
'We believe these initiatives, among others, will help us to strengthen the Company and better position it for the future, ' he said.