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Sears Prepares to Close More Stores as Revenue Slumps

  • Retailer will announce by midday the next 72 stores to shut
  • Operator of Kmart, Sears saw same-store sales drop 12 percent
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Sears Set For More Downsizing

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Sears Holdings Corp. kicked off another fiscal year with declining sales from a dwindling number of stores, and more closings are on the way.

The operator of Sears and Kmart stores posted a first-quarter loss of $3.93 a diluted share. Revenue fell due to fewer stores and a 12 percent drop in comparable-store sales. The Hoffman Estates, Illinois-based retailer said Thursday that it has identified 100 unprofitable stores, and 72 of them will begin store-closing sales in the near future. It will announce the locations to close by midday.