Sears (Hoffman Estates, Ill.) announced that it plans to close more of its Sears and Kmart stores. The news comes as the company announced an increase in sale losses to $748 million from $454 million a year ago. Revenue fell 12.5 percent while same-store sales dropped 7.4 percent.
The company had already announced that it would be closing a number of Sears and Kmart stores; this latest development will be in addition to the nearly 80 stores it announced in July that it planned to close and the 64 Kmart stores it announced earlier this month that it intends to shutter.
"We expect to end up with a smaller but meaningfully-sized store base," Sears Chief Financial Officer Jason Hollar said, according to Business Insider. "This is a necessary but painful action as the way consumers shop has changed."
The company has not announced the number or location of these additional store closures, though it will consider stores whose leases are up for renewal.