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.