Sears Holdings to close more United States stores, including 28 Kmart locations

Kmart shoppers seek deals at a store in Hollywood

The company did not say how many jobs would be affected by the new Kmart closings, but Sears announced 400 layoffs in June.

The move will affect a number of Kmart's stores as these will shutter their doors in mid-Novembers. At Kmart, the measure dropped 9.4%, while at Sears stores, that figure was down 13.2%. Store closures contributed to approximately $770 million of the decline, Sears said. While Sears CEO Eddie Lampert in May invoked dwindling sales at numerous company's rivals, Sears' declines are far deeper than those of Macy's and J.C. Penney.

An adjusted loss of $1.16 a share, compared with a forecast loss of $2.48 per share. The struggling retailer also said it would close 28 more Kmart stores.

Sears Holding reported second quarter losses of $144 million.

"The retail environment remained challenging", Sears Holdings Corp. said in a statement.

The company said its efforts to streamline operations, and reduce inventory and operating expenses have been effective.

Chairman and CEO Edward Lampert, whose hedge fund has forwarded millions in funding to keep Sears afloat, has long pledged to turn the company's fortunes around and that the retailer would find ways capitalize on its best-known brands like Kenmore appliances and DieHard vehicle batteries, as well as its vast holdings of land. The stock has fallen 46 percent in the last 12 months.

Sears Canada is in the process of closing 59 stores and cutting 2,900 jobs nationally while simultaneously looking for fresh investors and buyers for some or all of its business under supervision by the Ontario Superior Court.

On Thursday, Sears said it has raised $460 million this year from real estate transactions and is targeting $1 billion or more from its assets.

Sears also recently announced plans to sell Kenmore products on Amazon.



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