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The retailer also said it would close 28 Kmart stores later this
year, in addition to the 150 Sears and Kmart stores it plans to
close by the end of its third quarter.
Sears said sales at stores open for at least a year fell 11.5
percent in the second quarter ended July 29.
Total revenue fell 22 percent to $4.37 billion, mainly due to
store closures, which shaved off $770 million of revenue, the
company said.
Once the largest U.S. retailer, Sears has struggled with years
of losses and declining sales as shoppers shift from the mall to
the web. In February, the company said it would cut at least $1
billion in costs this year, mainly by monetizing its real
estate.
Sears, controlled by billionaire investor Eddie Lampert, said it
earned $460 million in cash from real estate deals in the second
quarter.
Net loss attributable to Sears narrowed to $251 million, or
$2.34 per share in the second quarter ended July 29, from $395
million or $3.70 per share, a year earlier.
The company also said it had signed a deal with MetLife <MET.N>
to reduce its pension liabilities.
The agreement will annuitize an additional $512 million of
Sears' pension liabilities, with MetLife paying future pension
benefits to about 20,000 retirees.
(Reporting by Siddharth Cavale in Bengaluru; Editing by Sai
Sachin Ravikumar)
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