Sales plunge, Sears to close more stores

Citing a first quarter loss of $424 million ($3.93/diluted share), Sears Holdings Corp. announced it would close another 72 stores around the country that it has identified as unprofitable.

Edward S. Lampert, chairman and CEO of Sears Holdings, said in a release:

“As we look to the remainder of 2018 and beyond, we remain committed to restoring positive Adjusted EBITDA and will continue to explore opportunities to unlock the full potential of our assets for our shareholders. This includes exploring third-party partnerships involving several of our businesses — such as Sears Home Services, Innovel, Kenmore and DieHard — and gaining further momentum around our new smaller store formats that blend brick and mortar and online experiences. We believe these initiatives, among others, will help us to strengthen the Company and better position it for the future.”

Sears has two stores in Madison, at East and West Towne Malls. Later today, the retailer will release a list of the locations to be closed.