Sears Holdings Corporation announced Thursday it plans to close 72 stores after a $424 million net loss in the first quarter of 2018.
UPDATE: Sears to close 4 Michigan stores September
The company said it has identified 100 non-profitable stores, 72 of which will begin store closing sales in the "near future." Sears has not identified those stores yet.
"We continue to evaluate our network of stores, which are a critical component in our transformation, and will make further adjustments as needed and as warranted," reads a statement from Sears Holdings Corporation.
Sears Holdings, based in Hoffman Estates, Illinois, lost $424 million, or $3.93 per share, in its first quarter. The company earned $245 million, or $2.29 per share, a year earlier, a quarter that included a $492 million gain tied to the sale of the Craftsman brand.
Revenue tumbled more than 30 percent to $2.89 billion, with store closings already under way contributing to almost two thirds of the decline.
Shares are down more than 3 percent before the opening bell.