Finance: Sears is closing 28 more Kmart stores (SHLD)

This is in addition to 180 previously announced closings this year.

Sears on Thursday said it was closing another 28 Kmart stores in addition to 180 previously announced closings this year.

The retailer announced this with its earnings statement that showed a quarterly loss, as the number of people visiting its stores continued to fall. Sales at stores open for at least a year fell 11.5% in the second quarter ended July 29.

Sears said the full list of closing locations would be posted by midday.

Sears has shrunk from the largest US retailer to a company plagued by fears of bankruptcy after struggling with several years of losses amid the decline of mall shopping in favor of the web. The company expects to cut $1 billion in costs this year mainly by selling its real estate.

Sears announced in July that it agreed to sell its Kenmore appliances on Amazon and integrate the voice-activated assistant Alexa into a line of smart products.

Sears shares plunged 8% this year through Wednesday's close. They were little changed in premarket trading after the earnings announcement.

This is in addition to 180 previously announced closings this year. Read Full Story