Sears Report Losses; Plans to Close more Stores

INTERNATIONAL NEWS

Sears Report Losses; Plans to Close more Stores


October 13 , 2017



Sears reported a narrower-than-expected loss but said sales continued to erode. The retailer posted a double-digit decline in comparable sales for the second quarter, citing a "retail environment that remained challenging, with continued softness in store traffic and elevated price competition. The department store chain also announced plans to close 28 more Kmart stores this year. That’s in addition to the 180 Sears and Kmart stores it has shuttered this year, and the 150 stores it plans to close by the end of the third quarter. In a bid to return to profitability, the department store chain has been trimming its real estate portfolio, cutting costs and seeking additional liquidity.