Sears is closing 28 more Kmart stores including one in CT - WFSB 3 Connecticut

Sears is closing 28 more Kmart stores including one in CT

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A KMart store in Connecticut is closing its doors. (mgnonline) A KMart store in Connecticut is closing its doors. (mgnonline)
  • Sears is closing 28 more Kmart stores including one in CTMore>>

  • Sears is shutting 28 more Kmart stores

    Sears is shutting 28 more Kmart stores

    Thursday, August 24 2017 10:29 AM EDT2017-08-24 14:29:33 GMT
    Sears is shutting down 28 more Kmart stores. (Photo Credit: CNNMoney).Sears is shutting down 28 more Kmart stores. (Photo Credit: CNNMoney).

    Sears continues to shrink. The once iconic American retailer is closing 28 more of its Kmart stores later this year.

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    Sears continues to shrink. The once iconic American retailer is closing 28 more of its Kmart stores later this year.

    More >
(CNN) -

Sears is closing more of its Kmart stores including one in Connecticut later this year.

On Thursday, Sears announced  28 Kmart stores will be closing their doors. One of those locations is located at 100 Main Street North in North Southbury. 

Sears made the announcement in yet another bleak earnings report. The company said Thursday that it lost $251 million in its second quarter.

Total revenue fell 23% and same-store sales, which measure how well locations open at least a year are doing, plunged 11.5%.

Sears is facing many of the same challenges that Macy's, Kohl's, JCPenney and other department stores are -- growing competition from Amazon and a revitalized Walmart, which has stepped up its online shopping efforts in the past year.

That's why Sears has been busy slimming down and taking other actions to try and turn around the company.

Sears has sold its Craftsman tool business to Stanley Black & Decker and is licensing its famous Kenmore appliances and Diehard auto parts businesses to other retailers, as well in order to raise much-needed cash.

Sears also recently announced plans to sell Kenmore products on Amazon.

The company has spun off pieces of its Sears Hometown and Outlet Store division, Lands' End and Sears Canada too. Sears Canada filed for bankruptcy in June.

Sears even set up a separate public company for some of its real estate assets -- Seritage Growth Properties. Warren Buffett has personally invested in that company. But it's not a holding of Buffett's Berkshire Hathaway though.

And Sears has started to repair its balance sheet lately too. The company said Thursday that it now has $442 million in cash, up from $286 million at the end of January.

Sears also cut its debt load during the past few months. It now has $3.5 billion in long-term debt, down from $4.2 billion in January. Sears has slashed its inventories too as it continues to close stores.

Shares of Sears surged more than 5% Thursday morning on the news. But the stock is still down more than 40% in the past 12 months.

TM & © 2017 Cable News Network, Inc., a Time Warner Company. All rights reserved.

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