Sears Plans More Store Closings
Sears Holdings Corp., the holding company of both the Sears and Kmart chains, announced Tuesday that it will launch a new round of store closings. According to Reuters, the announcement was concurrent with the company's announcement that it had posted a loss of $146 million in the third quarter.
The closings announcement, along with the company's announcement of a stock buyback, actually caused the company's stock to rise on Wednesday, despite the quarterly loss. Sears will close eight stores- in addition to the 14 already closed last quarter.
Sears' parent company is controlled by hedge fund king Edward Lampert.