Sears Holdings Corp., the one-time American retail giant, said on Thursday it plans to shutter another 72 locations to stem losses in the face of deepening financial distress and reported a almost 12 percent drop in quarterly comparable-store sales.
But to meet customer needs and improve financial results, Sears must close poorly performing stores and "focus on our best stores, including our newer smaller-store formats", he said, according to a transcript of the call.
Revenue fell 31.2 percent to $2.89 billion in the reported quarter.
"We continue to evaluate our network of stores, which are a critical component in our transformation, and will make further adjustments as needed and as warranted", the company said.
White House Imposes Tariffs on US Allies EU, Canada And Mexico
Europe, Canada, and Mexico are not China, and you don't treat allies the same way you treat opponents", said Sen. The tariffs will also cause major economic disruptions in the US, Canada, Mexico, and the EU .
India says it will not follow USA sanctions on Iran
Washington has also tightened sanctions against Venezuela over the controversial re-election of President Nicolas Maduro. But, minister Swaraj said New Delhi rejects "reactionary" policies and would not be dictated to by other countries.
NBA Finals 2018 Game 1
The Rockets got one wide open shot after another - only to see virtually every one bounce away instead of falling through the net. Stop me if you've heard this one: The Golden State Warriors will play the Cleveland Cavaliers in the best-of-seven NBA Finals.
For the full list of stores closing, see the related links section.
Sears said Thursday that it was closing another 63 stores, on top of the more than 160 locations the company has already shuttered this year. When the store closes in early September, only two Kmarts will remain in Colorado, one in Pueblo and the other in Loveland.
In addition to shedding its real estate, Sears now has an independent committee evaluating a deal where the company would sell some of its other assets, including the Kenmore brand, to Lampert's hedge fund, ESL Investments.
There are also independently owned Sears Hometown stores in East Wareham, Great Barrington and Hadley. The company a year ago said there were doubts about its ability to continue as a going concern.
The move comes less than five months after Sears announced at the start of the year that it would close more than 100 stores.