The overall sales of same stores drop of 11.5% included a drop of 9.4% at Kmart locations and 13.2% at Sears locations. The company already planned on shutting down 150 Sears and Kmart locations by the end of the current quarter.
Liquidation sales at those stores will begin as early as next Thursday, the company said.
In March, Sears said there is "substantial doubt" it could continue as a viable concern, with intense pressure coming from companies like Wal-Mart, Target and Amazon.com.
Revenue ended the second quarter at $4.37 billion, while it had been estimated by analysts to be $4.21 billion. On a per-share basis, Sears lost $2.34 during the period ending July 29, not as bad as the $2.48-per-share loss that analysts predicted. Liquidation sales at those stores will begin as early as August 31, the company said.
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Though a specific date for the closure was not known at the time of the release, it is anticipated the Elmhurst store will close by mid-November, according to the release. Losses, adjusted for one-time gains and costs, came to $1.16 per share. (SHLD) reported a loss for the second quarter that narrowed from last year and said it will close 28 Kmart stores later this year.
Sears made the announcement in yet another bleak earnings report.
California will lose the most stores, with four named on the list. The company says it will also look into more opportunities for its Kenmore and Diehard brands, as well its home services and auto services.
"We are making progress on the strategic priorities we outlined earlier this year and remain focused on returning our company to profitability", stated Edward S. Lampert, chairman and CEO of Sears Holdings.