Sears to close another 72 stores after sales plunge
People walk by a Sears store in a nearly empty Westfield Meriden shopping mall on March 28, 2017 in Meriden, Connecticut. (Photo by Spencer Platt/Getty Images)
(WJBK) - Sears suffered another major sales blow over the last quarter, and says it's closing dozens of stores.
Sears is closing another 72 stores after reporting a first-quarter loss, saying its sales are plunging, too.
Sears says it's identified about 100 stores that are no longer making a profit, and 72 of those locations will close soon. The locations haven't been disclosed yet.
Sears Holdings Corp., based in Hoffman Estates, Illinois, lost $424 million, or $3.93 per share, in its first quarter.
It earned $245 million, or $2.29 per share, a year earlier, a quarter that included a $492 million gain tied to the sale of the Craftsman brand.
Revenue tumbled more than 30 percent to $2.89 billion, with store closings already under way contributing to almost two thirds of the decline.
Shares are down more than 3 percent before the opening bell.
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The Associated Press contributed to this report