Sears is closing 72 stores as sales tumble
- Sears is closing 72 Sears and Kmart stores.
- The company revealed the closures as it announced revenues dropped more than 30% for the quarter to $2.9 billion.
- Sears previously announced a list of 166 store closures that took effect this year.
- Over the last several months, the company has been quietly closing additional stores, as Business Insider has previously reported.
Sears said Thursday that it's closing another 72 stores, on top of the more than 160 locations that the company has already shuttered this year.
The company said closing sales for the 72 stores would begin in the "near future." Sears also hinted at more closures to come, saying the 72 stores are among a list of 100 unprofitable stores that the company has identified.
Sears is closing more stores as the company's sales continue to slide, with revenues falling more than 30% to $2.9 billion in the most recent quarter, compared to $4.2 billion in the prior quarter.
Same-store sales during the period dropped 13.4% at Sears stores and fell 9.5% at Kmart.
Sears previously announced a list of 166 store closures that took effect this year. Over the last several months, the company has been quietly closing additional stores, as Business Insider has previously reported.
The company is currently looking to raise cash through a potential deal with ESL Investments, the hedge fund run by Sears' CEO Eddie Lampert.
In April, Lampert proposed that ESL Investments purchase Sears' Kenmore brand, its home-improvement business, its Parts Direct division, and some of the company's real estate.
"While we are pleased with the progress on our capital structure initiatives, we are continuously exploring additional opportunities to further streamline operations and adjust inventory and operating expenses," Sears CFO Rob Riecker said in a statement. The company "will need to continue to right size our store base and focus on our best stores, including our new smaller store formats."
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