Sears is closing another 72 stores after reporting a first-quarter losses and plunging sales. The company says it will post a list of those locations on its website by midday.
The struggling retailer announced Thursday morning that it has identified about 100 stores that are no longer turning profits, and 72 of those locations will be shuttered soon. More may be coming, as the company said it is continuing to "evaluate our network of stores, which are a critical component in our transformation, and will make further adjustments as needed and as warranted."
"As we look to the remainder of 2018 and beyond, we remain committed to restoring positive Adjusted EBITDA and will continue to explore opportunities to unlock the full potential of our assets for our shareholders," said Edward Lampert, chairman and CEO of Holdings. "This includes exploring third-party partnerships involving several of our businesses - such as Sears Home Services, Innovel, Kenmore and DieHard - and gaining further momentum around our new smaller store formats that blend brick and mortar and online experiences. We believe these initiatives, among others, will help us to strengthen the Company and better position it for the future."
Sears Holdings Corporation, based in Hoffman Estates, IL, lost $424 million, or $3.93 per share, in its first quarter. It earned $245 million, or $2.29 per share, a year earlier, a quarter that included a $492 million gain tied to the sale of the Craftsman brand.
Revenue tumbled more than 30 percent to $2.89 billion, with store closings already under way contributing to almost two thirds of the decline. Shares were down more than 3 percent before the opening bell Thursday.
