Sears CEO sees room to close more stores
Yahoo News - over 4 years
, which has been struggling to generate cash from its operations, sees room to close more stores next year, Chief Executive Edward Lampert said on Thursday. The operator of Sears department stores and the Kmart discount chain has closed about 300 U.S. stores since 2010, tightly managing inventory, selling real estate and shedding assets at home and in Canada as it tries to engineer a turnaround after years of declining sales. The comments by the billionaire hedge fund manager, who is also Sears' chairman and largest shareholder, helped to reduce the stock's decline to 2.2 percent on Thursday. The company has about 2,000 Sears and Kmart locations in the United States.
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