Sears, Roebuck & Co. announced that it will close three underperforming Great Indoors stores, convert a fourth store into an outlet format and make "operational enhancements," according to a company statement. These include refining merchandising to embrace greater product assortment and optimized floor space utilization; improving product sourcing and vendor strategies; and enhancing inventory management, in part by leveraging Sears’ distribution network.
As a result, the retailer expects to record an after-tax charge between U.S. $75 million and $100 million in the 2003 fiscal third quarter.
"We are redirecting the stores to further strengthen an already powerful customer proposition, as evidenced by the chainwide individual store average sales of more than $30 million per year," said Jeff Jones, vice president and general manager of The Great Indoors, in a statement.
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