Sears Holdings Corp. SHLD -9.35% said Thursday that it plans to close another 72 stores it has deemed unprofitable, as the company continues to struggle with falling sales.
Sears has been closing hundreds of stores in recent years, selling brands and spinning off divisions to stay afloat as losses have mounted and as it struggles to keep its customers away from Walmart Inc., Amazon.com Inc. AMZN +0.27% and other outlets.
The company said a list of the 72 stores would be posted later Thursday.
The new round of store closures comes as the retailer reported sales fell in the latest quarter, extending a streak of declines that stretches back more than six years at the once dominant retailer.
The last time Sears’s sales increased from the previous year was in the third quarter of 2011, when the company had $9.4 billion in revenue, according to data from Thomson Reuters .
In the latest quarter, total merchandise sales fell 34% to $2.2 billion. Total revenue, which includes money generated from appliance and product-repair services, fell 31% to $2.89 billion.
Wall Street Journal