Sears Holdings has made several moves to restructure some of its finances and said that it expects to improve its net loss in its upcoming third quarter results. However, the company signaled that its comparable store sales for both Kmart and Sears are continuing to decline.
Sears Holdings is closing an additional 63 stores that includes 45 Kmart locations and 18 Sears stores.
In an effort to improve its financial position, Sears Holdings has reached agreements to extend a portion of its secured loan facility and annuitize its pension obligations.
Sears Holdings has named a new chief financial officer as officials with the retailer provided an update on its plan to turn around the company’s ailing fiscal health.
Some housewares suppliers continue to ship Sears and Kmart, while others have ceased sending products to the troubled retailers, vendors across multiple product categories told HomeWorldBusiness.com.
For the second time in less than a week, Sears Holdings has entered into a secured loan facility with the funding deriving from an investment company owned by its CEO.