Sears Will Close 28 More Kmart Stores, Including Four In The U.S.

Sears kept on battling in its second quarter with declining sales in the midst of increased rivalry. It now says it will close significantly more stores.

The retailer has been endeavoring to cut expenses by shutting stores, including 180 this year and right now had plans to cut another 150 stores. It now intends to screen an extra 28 Kmart stores.

“The retail environment remained challenging,” Sears Holdings Corp. said in a statement.

The Hoffman Estates, Illinois company announced that its second-quarter loss narrowed to $251 million, or $2.34 per share. Losses, balanced for one-time picks up and costs, came to $1.16 per share.

Revenue declined 23 percent to $4.37 billion in the period. Sales at stores open no less than a year, a key measure of a retailer’s wellbeing, fell 11.5 percent.

In March, Sears said there is “substantial doubt” it could proceed as a viable worry, with intense weight originating from companies like Wal-Mart, Target and Amazon.com. It has demanded that its activities to pivot its business should help decrease that risk.

The company said Thursday that it has utilized about $605 million of its $1.5 billion revoling credit office due in 2020. Its cash balances were $442 million starting at July 29.

Sears added 2 cents to $8.59 in premarket trading.