Sears Holdings said Thursday that it would close another 28 Kmart locations as it continues its cost-cutting campaign, once again making it the poster child for the precipitous decline of the American department store. The company also posted declining sales and profits, but the results were better than analysts expected and led to a brief surge in its stock price before closing unchanged for the day, down 0.2%.
The Kmart closures add to a list of 330 Sears or Kmart locations shuttered or set to be closed later this year as the retailer seeks stability. The latest batch closing stores, as disclosed on a list that Sears Holdings released later, stretch from Allentown, Pa. to Bellflower, Calif. The company, which will still have more than 1,200 stores after the closures, said in a public filing earlier this year that it believes it has at least another 12 months of cash to continue operating. READ MORE