Skip navigation

Sears Posts $146M Loss, Will Close 8 More Stores

Sears Holdings on Tuesday reported a third-quarter loss of $146 million and said it would close another eight stores as a difficult retail environment contributed to a 9% decrease in comparable-store sales.

HOFFMAN ESTATES, Ill. — Sears Holdings here on Tuesday reported a third-quarter loss of $146 million and said it would close another eight stores as a difficult retail environment contributed to a 9% decrease in comparable-store sales.

The retailer separately announced a slate executive changes, including the appointment of Scott Freidheim, a former chief administrative officer of Lehman Bros., as its new executive vice president of operations.

Sears said the loss for the quarter, which ended Nov. 1, included a $101 million charge for expenses related to the closure of 14 stores during the quarter. The eight additional store closures will result in a $21 million charge during the fourth quarter. The company did not identify the specific stores slated for closure.

In addition to Frediheim, Sears on Tuesday named Mark de Bruin a senior vice president and president of pharmacy. De Bruin most recently was an executive vice president with Rite-Aid. Nick Coe was named president of the Lands’ End brand.

Read More of Today's Headlines