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US retail company Sears shuttering stores quicker than ever as losses double

US retail company Sears Holdings Corp. has once again reported a drop in its business. The company’s net loss reached US $ 508 million in the second quarter ended August 4, 2018. its losses in the similar period last year was US $ 250 million.

Sales at Sears stores dropped 3.9 percent against a drop of 11.9 percent in the first quarter. Further, the retailer’s Q2 sales dropped 25.6 percent to US $ 3.18 billion from US $ 4.3 billion in the previous year’s second quarter.

Notably, the company has closed numerous underperforming stores. However, this hasn’t improved the retailer’s same-store much. Surprisingly, Sears will further shutter 149 stores in the second half of this year which will bring down US $ 1 billion in expense.

“We have yet to achieve our goal of returning the company to profitability. 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,” said Sear’s Chief Executive Officer Edward Lampert.

What came as a respite to company was a slight improvement it achieved in the month of July and August when comparable sales grew by 3 percent and 2.5, respectively.

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