Sears to shutter final New Jersey location

TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Thursday, January 11th.

Full Video Transcript Below:

J.D. DURKIN: I’m J.D. Durkin, reporting from the New York Stock Exchange. Stocks were mixed to close out today’s session. The Dow closed just 15 points higher, the Nasdaq closed fractionally higher, and the S&P closed fractionally lower. Markets are digesting hotter than expected inflation data – consumer prices rose 0.3 percent in December, reflecting a 3.4 percent jump since last year.

Investors are looking ahead to the start of fourth-quarter earnings season, kicking off Friday with the big banks.

In other news, Sears is shutting down its last remaining store in the New York metro area. The retailer is officially closing the doors of its Jersey City location, which has been open since 1987.

At its peak, Sears, along with its sister brand Kmart, had around 3,500 locations across the country and employed more than 300,000 people. After the Jersey City store officially closes, there will be just about a dozen locations remaining in the U.S.

After being purchased for $11 billion in 2005, sales at Sears slowed due to aging stores, being slow to pivot to e-commerce, and competition from other big-box retailers, as well as the emergence of Amazon. By 2018, the company was forced to file for bankruptcy. The 138-year-old retailer exited bankruptcy with 425 Sears and Kmart stores, but now 98 percent of those stores no longer exist.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.

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