Sears targets 28 Kmarts for closure, 2Q loss narrows

Sears targets 28 Kmarts for closure, 2Q loss narrows

The Kmart store on Valencia Boulevard near Bouquet Canyon Road is one of 28 that will close later this year, the chain's parent company said today. Losses, adjusted for one-time gains and costs, came to $1.16 per share.

Total revenue of $4.37 billion surpassed Wall Street's estimate of $4.21 billion.

"Eligible associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores", a company statement on the Sears Holdings' website stated. It expects to close an additional 150 stores by the end of the third quarter of 2017.

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In March, Sears Holdings said the future of the company was in doubt.

Comparable store sales for the quarter declined 11.5 percent.

The bleeding at Sears Holdings (shld) shows no signs of stopping. Operating loss was $106 million versus an operating loss of $269 million in the year-earlier quarter.

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Sears already has closed 180 stores this year.

"The company's sales dropped from "softness in store traffic and elevated price competition in the retail industry", chief financial officer Rob Riecker explained in the retailer's scripted and pre-recorded quarterly conference call [PDF]". Meanwhile, CEO Eddie Lampert assured investors in May that Sears can return to profitability, adding that Sears is attracting enough shoppers. "The comprehensive restructuring of our operations is delivering cost efficiencies helping drive improvements to our operating performance". But Macy's, with sales better than analysts expected, still missed profit projections.

Last month, it began selling its appliances on Amazon.com, including Kenmore smart appliances that can be synced with Amazon's voice assistant, Alexa.

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