The Hoffman Estates, Illinois-based company still managed to narrow its losses to $251 million, compared to $395 million a year ago. Excluding one-time charges, the retailer lost $1.16 a share. Sears revealed the closures in its Q2 earnings report, which showed that the retailer's year-over-year revenue dipped from $5.66 billion to $4.37 billion. Sales at stores open for at least a year fell 11.5% in the second quarter ended July 29.
Sears Holdings has closed 358 Sears and Kmart stores this year, including this latest announcement.
Eligible employees affected by the store closures are to receive severance and be able to apply to open positions at other Kmart or Sears locations.
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"In a statement posted at the Sears Holdings website, the company said, "...we have been working with resolve to accelerate our transformation and achieve profitability".
The company dropped that news, its first list of store closings in a month and a half, while claiming that more store closures are all part of an ongoing "transformation" into a 21st-century retailer.
Shares of Sears Holdings Corporation closed the previous trading session at 9.46 up +0.89 10.39% with 1,256,026 shares trading hands. But analysts say Sears has much to blame for its woes. The only remaining Kmart stores in Kansas, according to the Kmart website, are in Kansas City, Kan., Salina and Wichita.