Sears continues to far outpace its department store peers in store closures. So far, the moves still haven’t plugged the outflow of money from the company. Worse, the retailer’s sales base, seen in its comps, continues shrinking.
Moody’s Vice President Christina Boni said in comments emailed to Retail Dive that Sears “continues to struggle to bring its business to profitability.”
“The additional 100 store closures announced today is another effort to streamline in the face of its shrinking core operations,” Boni said. “Its continued efforts to enhance liquidity will be necessary to fund its ongoing operating losses.”