Sears stores closing : Posting $548 million loss, Sears plans to double store closings

Sears Stores Closing, Sears shares fell Thursday, after the struggling department store announced an adjusted net loss of $296 million—in line with the updated guidance it gave in November.

The retailer also said it’s accelerating the number of stores it plans to close this year, boosting its list from the 130 underperforming stores it announced in its second-quarter earnings release, to a total of 235 stores.

The company is hoping an increase in sales will come from shoppers who move to the web, maintaining sales numbers.

“Our stores are often in the wrong place and are often too large for our needs,” CEO Edward Lampert said.

For the period ending Nov. 1, Sears lost $548 million, or $5.15 a share. That’s up from a $534 million loss, or $5.03 a share, in the same period a year ago.

Shares of Sears are now worth $32.75.

The loss is blamed on Lands’ End, a Sears spin-off brand, Sears Canada and store closures.

“We remain intently focused on delivering an unparalleled integrated retail experience for our customers through Shop Your Way and, above all, returning Sears Holdings to profitability,” Lampert said.

Though closing stores are bound to help its losses, Moody’s analyst Scott Tuhy said that won’t quite be enough for a company that’s losing about $300 million. Brian Sozzi, of Belus Capital Advisors, said the retailer should close another roughly 200 stores in 2015, Yahoo finance reported.

But there is a silver lining, and Sears added that sales were flat. But Tuhy reminded that one good quarter is not evident of a trend.

“The soul of this report is really bad,” Sozzi said.