More Kmart Stores Shutter

Sears Holdings (Hoffman Estates, Ill.) announced plans to close 28 more Kmart stores as it seeks ways to cut costs and right-size the chain’s footprint. These closures are in addition to 330 Sears and Kmart stores that the retailer already announced would be closing this year.

The announcement came on the heels of the company’s latest quarterly earnings, which included news that same-store sales at Sears and Kmart fell 11.5 percent, higher than what experts had expected. Its net loss for the period was 251 million, and revenue fell 23 percent.

Despite the difficulties, the retailer said it has at least another 12 months of cash to continue operating and is betting that its loyalty program, Shop Your Way, will help buoy business, reports USA Today.