Sears Holdings, the parent company of Sears and Kmart, says it is closing at least 72 more money-losing stores as it continues its cost-cutting campaign.
The announcement was expected after the company revealed it had lost $424 million in the first quarter of this year. The company has identified 100 stores across the country which had stopped turning a profit, and of those, 72 will be shut down. Sears Holdings plans to announce the closures later today and says the stores will be shuttered by the end of November.