Sears to close last New Jersey location, leaving about a dozen left in the U.S.

TheStreet’s J.D. Durkin brings you the biggest news of the day, including how the market fared and Sears closing the doors of yet another store.

Transcript

00:00 I'm JD Durkin reporting from the New York Stock Exchange.

00:03 Stocks were mixed to close out today's session.

00:05 The Dow closed just 15 points higher.

00:08 The Nasdaq closed fractionally higher while the S&P 500 closed fractionally lower.

00:13 Markets are digesting hotter than expected inflation data.

00:16 Consumer prices rose 0.3% for the month of December, reflecting a 3.4% jump since last

00:22 year.

00:23 Investors are looking ahead to the start of fourth quarter earnings season, kicking off

00:26 Friday with the big banks.

00:29 In other news, Sears is shutting down its last remaining store in the New York metro

00:32 area.

00:34 The retailer is officially closing the doors of its Jersey City location, which has been

00:37 open since 1987.

00:40 At its peak, Sears, along with its sibling brand Kmart, had around 3,500 locations across

00:46 the country and employed more than 300,000 people.

00:50 After the Jersey City store officially closes, there will be just about a dozen locations

00:56 only remaining in the United States.

00:59 After being purchased for $11 billion in 2005, sales at Sears slowed due to aging stores,

01:06 being slow to pivot to e-commerce, and competition from other big box retailers, as well as the

01:11 emergence of Amazon.

01:13 By the year 2018, the company was forced to file for bankruptcy.

01:17 The 138-year-old retailer exited bankruptcy with 425 Sears and Kmart locations, but now

01:24 98% of those stores no longer exist.

01:28 That'll do it for your daily briefing.

01:30 From the floor of the New York Stock Exchange, I'm JD Durkin with The Street.

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