Sears Reports Widening Losses and Tumbling Sales

By Anonymous

CEO says the retailer will continue to close unprofitable stores with hopes to stabilize the store base

Sears Holdings Corp. is limping into the critical holiday season, after the struggling company reported its quarterly sales fell 26% and it continues to close dozens of stores.

Total revenue plunged by more than $1 billion to $3.18 billion for the three months ending Aug. 4, compared with a year earlier. Sales excluding newly opened or closed stores fell 4.0% at Sears and 3.7% at Kmart locations.