Sears is closing 63 more stores

Sears Store Door Entrance in Southcentre Shopping Mall in South Calgary with Liquidation Sale Deals due to upcoming Corporate Closure and going out of Business

Sears Store Door Entrance in Southcentre Shopping Mall in South Calgary with Liquidation Sale Deals due to upcoming Corporate Closure and going out of Business

Sears Holdings Corp (SHLD.O), the one-time American retail giant, said on Thursday it plans to shutter another 72 locations to stem losses in the face of deepening financial distress and reported a almost 12 percent drop in quarterly comparable-store sales.

"We continue to evaluate our network of stores, which are a critical component in our transformation, and will make further adjustments as needed and as warranted", the company said in a press release.

The beleaguered retailer said that it has identified about 100 stores that are no longer turning a profit, and the majority of those locations will be shuttered soon.

Sales at stores open at least a year, a key gauge of a retailer's health, tumbled 11.9 percent.

The company plans to have a list of stores that will be closing later on Thursday.

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"The demise of Sears has felt like a prolonged, drip, drip, drip", said Mark Hamrick, an analyst for Bankrate.com.

But the stores have remained an albatross. Its chief executive, billionaire Eddie Lampert, has said the company should sell its well-known appliance brand Kenmore, home improvement businesses and real estate, and that his hedge fund ESL Investments Inc would bid for them. The company announced recently that shoppers could buy any brand of tires on Amazon.com, have them shipped to a Sears Auto Center and then bring in their vehicle to get them installed. Last year, Sears sold its Craftsman brand to Stanley Black and Decker for $900 million.

The weak financial results stand out amid higher consumer confidence and a solid economy.

The lower sales resulted in a $424 million loss for Sears Holdings, the holding company that owns by Sears and Kmart.

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