Hoffman Estates, Ill.-based department store chain Sears Holdings Corp. (SHLD
) has announced plans to close 43 more unprofitable Kmart stores and Sears locations. Chief Executive Officer (CEO) Eddie Lampert said on Friday that the move is part of a larger effort to cut costs and “focus on its best stores” as the retailer aims to restore profitability on the verge of bankruptcy.
Shares of Sears fell another near 2% on Friday, trading down 5.8% on Monday morning at $7.33 per share. SHLD has lost 21.1% of its value in 2017 and has declined 48% over the most recent 12-month-period.
“This is part of a strategy both to address losses from unprofitable stores and to reduce the square footage of other stores because many of them are simply too big for our current…