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Sears to close 72 more stores

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Posted at 7:01 AM, May 31, 2018
and last updated 2018-05-31 04:05:46-04

(RNN) - Sears said Thursday it will be closing 72 more stores this year as sales continue to dwindle. 

The former retail giant reported a $424 million first-quarter loss and has identified at least 100 non-profitable stores.

"We continue to evaluate our network of stores, which are a critical component in our transformation, and will make further adjustments as needed and as warranted," the company said in a press release.

The company plans to have a list of stores that will be closing later on Thursday.

The retailer, which is now headquartered in Hoffman Estates, IL, has fallen on hard times, and continues to shed stores, employees and brands.

Sears closed 400 of its namesake and Kmart locations in 2017, and it said it would close around 160 more stores this year before Thursday's announcement.

The company stated it would close its last Chicago location, which had been open for 80 years, in April.

Sears sold its trademark Craftsman brand to Stanley, Black and Decker for about $900 million in 2017, Popular Mechanics reported.

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