Sears is closing 72 more stores as sales plunge

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Sears store

SCHAUMBURG, IL – MARCH 22: People shop at a Sears store on March 22, 2017 in Schaumburg, Illinois. Sears Holdings, the parent of Kmart and Sears, Roebuck, & Co., said there is “substantial doubt” about the company’s financial viability (Photo by Scott Olson/Getty Images)

(CNN) — Sears will close at least 72 more stores as sales plunge and losses mount.

The list of stores was announced mid-day Thursday. Sears said it identified 100 non-profitable Sears and Kmart stores and picked 72 for closure “in the near future.”

The company closed a total of nearly 400 stores during the past 12 months, and now has a total of 894 left, including the 72 slated for closure. The two chains had a total of 3,500 U.S. stores between them when they merged in 2005.

Sears said overall revenue fell 31 percent in the three months ending May 5. While most of that decline was due to previous store closings, sales fell 12 percent at the stores that remained open.

The lower sales resulted in a $424 million loss for Sears Holdings (SHLD), the holding company that owns by Sears and Kmart. The company has lost more than $11.2 billion since 2010, its last profitable year.

Sears is looking to sell its Kenmore appliance brand in an effort to raise cash, after selling off its Craftsman tool brand a year ago.

Shares of Sears tumbled another 3 percent on the results in pre-market trading.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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