Kmart in Belleville among 28 stores being closed by money-losing Sears

For the second quarter, the ailing department store retailer posted a sales decline of more than $1 billion, to $4.4 billion from $5.7 billion in Q2 previous year, according to a company release. Losses, adjusted for one-time gains and costs, came to $1.16 per share.

Total revenue in the period ended July 29 slid to $4.4 billion from $5.7 billion in the prior-year quarter, with store closures contributing to approximately $770 million of the decline, according to the company.

Comparable-store sales, the only fair measure of performance when a retailer has been closing as many stores as Sears Holdings, are not good.

Kmart in Batavia has again dodged the budget cutting ax of parent company Sears as the 124-year-old retail giant continues to see sales revenue drop across the country. An additional 150 stores that were slated for closing are to shut by the end of next quarter.

The Blue Light Special is dimming a little further, as Sears Holdings Corp. announced Thursday that it will close 28 Kmart stores, including one in Bellflower. The company also said it would notify employees at 28 Kmart stores that those operations would close later this year.

The bleeding at Sears Holdings (shld) shows no signs of stopping.

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Rob Riecker, Sears' Chief Financial Officer said, "During the quarter, we continued to focus on actions to provide the Company with additional financial flexibility to generate liquidity and demonstrate our ability to manage our business while meeting all of our financial obligations".

The retailer posted a loss that was narrower than had been expected but saw its sales continue to decline.

The struggling retailer, once a household name, has already shut down almost 200 stores this year and in June had plans to lay off 400.

Just last month, Sears said it would begin selling Kenmore-branded and Alexa-enabled appliances on Amazon.

"Progress of Sears' cost saving initiatives. must ultimately be met with stabilization in sales trends", Moody's Vice President and Senior Analyst Christina Boni said in comments emailed to Retail Dive.

The company had already announced in June the closing of Kmart locations in the Manahawkin section of Stafford and in Mantua.

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