by Erik Sass - Although the sale of big regional and international dailies -- including the Financial Times, South China Morning Post, and Las Vegas Review-Journal-- has dominated headlines recently, as the year draws to a close dozens of smaller newspapers are also changing hands or going out of business much closer to home (if you happen to live in one of the affected communities). These deals represent big changes in the local media landscape, as small-town dailies and community weeklies come under the same pressures that disrupted their bigger peers. In the acquisition category, this month Adams Publishing Group -- which publishes community newspapers in the West, Midwest and Mid-Atlantic regions -- acquired Defiance Publishing Co., which publishes several local publications in Ohio including The Crescent-News and Crescent-Extra. Previously this year Adams acquired four local newspapers in Idaho as well as The Post Community Media Group, which publishes local newspapers in southern Maryland.
Sears Holdings Corp.’s revenue dropped 25% in the second quarter as the chain continues to shrink its footprint.
Sears said it lost $508 million, or $4.68 a share, in the quarter ended Aug.4, compared with a loss of $250 million, or $2.33 a share, in year-ago period.
Sales fell to $3.18 billion from $4.27 billion last year amid store closures. Same-store sales decreased 3.9%, the smallest decline in over three years. By banner, same-store sales fell 3.7% at Kmart and 4% at Sears.
In a statement, Sears chairman and CEO Edward Lampert said he encouraged by the quarter’s improved comparable stores sales trend and the positive comparable store sales of 3.0% and 2.5% achieved in the months of July and August, But he noted that the company has not met its goal of returning to profitability, and hinted that more store closings may be in the offing. (In August, Sears announced it was closing another 40 stores.)
“We continue to close unprofitable stores, and we are hopeful that we can stabilize our store base at a meaningful level in the near future,” he said. “Our goal is to right-size our store footprint to a solid base from which we can operate and grow profitably, while leveraging our online and Shop Your Way platforms.”
more at source: https://www.chainstoreage.com/finance-0/sears-q2-loss-widens-hints-at-more-store-closings/