More lights are going out at Sears Holdings.
The US retailer — which operates Sears department stores and the discount Kmart chain — said on Thursday that it expects to close roughly 100 additional stores by spring 2018, building on hundreds of stores it shuttered last year as it attempts to cope with the rise of e-commerce.
The company said Thursday that it had informed associates that it planned to close 64 Kmart stores and 39 Sears stores between March and April.
The once-storied American retail brand has been aggressively shrinking its brick-and-mortar footprint to keep afloat amid heavy losses — more than $11bn over the past seven years.
Sears closed several hundred stores in 2017 and had previously announced last year plans to close another 63 Kmart and Sears stores in late January.
The company operated about 1,100 stores as of a November 30 regulatory filing.
Sears shares are down 4.2 per cent to $3.60. Last year, its shares tumbled 61 per cent, following on the heels of a 54.8 per cent drop in 2016.
Earlier on Thursday, department store Macy’s said it would close seven more stores as it too looks to cut costs and downsize its physical presence to survive the tough retail environment.
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