Deals
Sears Loss Widens as Lampert Seeks Asset Sales
This article is for subscribers only.
Sears Holdings Corp. posted a wider third-quarter loss as Chief Executive Officer Edward Lampert works to sell more of the department-store chain’s assets to drum up cash amid a six-year sales decline.
The net loss, the company’s sixth in a row, widened to $534 million, or $5.03 a share, from $498 million, or $4.70, a year earlier, Hoffman Estates, Illinois-based Sears said today in a statement. Sears said last month it would report a loss of $532 million to $582 million for the 12 weeks ended Nov. 2. Sales fell 6.6 percent to $8.27 billion.