Sears Holdings announced that it would close at least 80 stores this year. The decision was made on Thursday when the company reported dismal earnings: Sears Holding posted a significant loss of $402 million for the fiscal first quarter.
The company’s revenue fell 6.8%.
In comparison, the company’s 2013 Q1 earnings reports showed a loss of $279 million.
“We are watching the slow liquidation of Sears Holdings,” said Brian Sozzi, chief executive of Belus Capital Advisors to the New York Times.
According to the New York Times, other retailers also reported earnings losses, blaming weather and stagnant incomes among lower- and middle-income consumers along with other things.