Following a “challenging” holiday season, Sears will accelerate the closure of some of its stores.
Comparable-store sales in the fourth quarter dropped 6.9% at Sears, and 7.2% at Kmart, which the company also owns.
While the quarter that contains the critical shopping season was better compared with the previous three quarters, overall same-store sales fell 9.2% in 2015, with Sears stores leading the decline.
Shares are down nearly 4% before the opening bell.
As for store closures, Sears Holdings said Tuesday it would include, but not be limited to, about 50 stores the company recently announced it would be shuttering in the next few months.
The retailer will release its quarterly and full-year financial results on Feb. 25.
Photography by Canadian Press
