Report: Sears to close 66 more stores
Hoffman Estates-based Sears Holdings will close 66 more Sears and Kmart stores as the struggling retail chain continues to work its way back to a profit, according to published reports.
CNBC is reporting a source in the company said it will close 49 Kmart stores and 17 Sears stores by September. A list obtained by the business website Business Insider indicated no suburban stores would be a part of this round of closings.
Officials from Sears Holdings have not commented on the report.
The move follows the announcement in January that the company would close 108 additional Kmart and 42 more Sears locations, as well as a new restructuring plan in February.
Sears Holdings has lost more than $10.4 billion since 2011, the last year that it made a profit. It reported an operating loss of $222 million, or $2.15 per share, for the first quarter of this year.
The one time retail giant has sold off a number of properties and brands like Craftsman tools in efforts to stem its downward spiral. In March, the company said there is "substantial doubt" it could continue as a viable concern, with intense pressure coming from companies like Wal-Mart, Target and Amazon.com.