Sears to Shut More Kmart Stores

People walk by a Sears store in a nearly-empty Westfield Meriden shopping mall in Meriden Connecticut

Kmart stores will remain in Springfield and the following Missouri locations: Florissant, St. Louis and Crystal City. But there are two stores in Pennsylvania - one in Willow Grove and one in Allentown - that will be shuttered.

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Shares of retailer Sears Holdings Corp.

The company reported Thursday that its second-quarter loss narrowed to $251 million, or $2.34 per share. The analyst expected a loss of $2.48 per share.

Total revenue fell 22 percent to $4.37 billion, mainly due to store closures, which eliminated $770 million of revenue, the company said. Kmart was at one time the nation's second largest retailer, behind Sears. The move followed an agreement with Amazon.com (NASDAQ:AMZN) to sell Kenmore appliances on the website. "That said, the holidays will reveal how much further Sears can fall, especially on the sales front".

Sears has been attempting a turnaround as other similar department stores continue to struggle as well. They're spending more online and spending less on clothing and more on experiences like spas.

"Sears has some runway left in terms of its financial position", Saunders says.

The company dropped that news, its first list of store closings in a month and a half, while claiming that more store closures are all part of an ongoing "transformation" into a 21st-century retailer. "The company expects to cut $1 billion in costs this year mainly by selling its real estate", according to Business Insider, an industry publication.

Elements of this story were generated by Automated Insights (automatedinsights.com/ap) using data from Zacks Investment Research.

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