It was the latest sign of America’s economic decline under President Barack Obama: Retail giant Sears announced that it was shutting down 78 stores across the country.
According to CNN, that number includes 10 Sears stores and 68 Kmart stores, which are owned by the Sears brand. Hundreds of stores have been closed in the past few years, but that still wasn’t enough to stop Sears from incurring a $580 million loss last quarter.
The retail giant has not turned a profit since 2012.
“The decision to close stores is a difficult but necessary step as we take aggressive actions to strengthen our company, fund our transformation and restore Sears Holdings to profitability,” Sears CEO Edward S. Lampert said.
“We’re focusing on our best members, our best categories, and our best stores as we work to accelerate our transformation.”
No word yet on how many jobs would be lost, but liquidation sales were scheduled to be held April 29 and May 12.
Sadly, the 130-year-old retail icon, founded in Chicago in 1886, wasn’t the only one cutting jobs or stores. Another two retail giants, Macy’s and JCPenny, shuttered 12 and 39 stores, respectively.
According to WND, among the other stores that have closed locations in the past year are Abercrombie & Fitch, Barnes & Noble, Chico’s, Children’s Place, Coach, Fresh & Easy, Gymboree, JCPenney, Macy’s, Office Depot, Pier One and Pep Boys.
#BREAKING 78 Sears and Kmart stores will close across the U.S.; see the full list https://t.co/SQYDyGa8sq
— USA TODAY (@USATODAY) April 21, 2016