Sears is closing 28 more Kmart stores

Sears said Thursday that it was closing another 28 Kmart stores in addition to 180 previously announced closures this year.

The retailer announced this with its earnings statement that showed a quarterly loss, as the number of people visiting its stores continued to fall. Sales at stores open for at least a year fell 11.5% in the second quarter ended July 29.

Sears said the full list of closing locations will be posted by mid-day.

Sears has shrunk from the largest US retailer to a company struggling with several years of losses due to the decline of mall shopping in favour of the web and fears of a bankruptcy. The company expects to cut $US1 billion in costs this year mainly by selling its real estate.

Sears announced in July that it agreed to sell its Kenmore appliances on Amazon and integrate the voice-activated assistant Alexa into a line of smart products.

Sears shares plunged 8% this year through Wednesday’s close. They were little changed in premarket trading after the earnings announcement.

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