The end of an era is here. According to this USA Today report, Sears has recorded a massive loss of $558 million. According to sources, the company will shut down most of their stores in Q1 2018.
Sears Holdings reported a third-quarter loss Thursday as the ailing department-store chain seeks stability and faces a critical test during the holiday shopping season.
After more than 400 recently announced store closures aimed at removing its weak spots, Sears said it lost $558 million for the quarter ended Oct. 28.
Despite the red ink, investors were heartened at first, sending shares up at much as 28% before they turned lower by late afternoon..
With gift buying in full swing, Sears confronts the challenge of trying to draw shoppers to stores as they increasingly flock online or to the retailer’s nimbler physical competitors.