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NEW YORK (Reuters) – U.S. retailer Sears Holdings Corp (SHLD.O: Quote, Profile, Research, Stock Buzz), which has been struggling to generate cash from its operations, sees room to close more stores next year, Chief Executive Edward Lampert said on Thursday.
The operator of Sears department stores and the Kmart discount chain has closed about 300 U.S. stores since 2010, tightly managing inventory, selling real estate and shedding assets at home and in Canada as it tries to engineer a turnaround after years of declining sales.
(Reuters) – Sears Holdings Corp (SHLD.O: Quote, Profile, Research, Stock Buzz) reported a wider quarterly net loss on Thursday after sales fell at both its namesake department stores and its Kmart discount chain and it invested in more promotions targeting rewards members.
The company is trying to engineer a turnaround. Sales have been falling since 2005, when hedge fund manager Edward Lampert merged the two U.S. chains in an $11 billion deal.