8 Stores is not much but still a lot of people out of a job.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.