ShareThis Page

Sears posts decline in 3Q revenue due to store closures

| Wednesday, Nov. 8, 2017, 1:57 p.m.
FILE - In this March 22, 2017, file photo, a shopper walks up to a Sears department store at the Tri-County Mall, in Springdale, Ohio. Sears will no longer sell Whirlpool appliances, ending a business partnership that dates make more than 100 years. (AP Photo/John Minchillo, File)
FILE - In this March 22, 2017, file photo, a shopper walks up to a Sears department store at the Tri-County Mall, in Springdale, Ohio. Sears will no longer sell Whirlpool appliances, ending a business partnership that dates make more than 100 years. (AP Photo/John Minchillo, File)

NEW YORK — Sears says it has a deal with the federal pension insurance agency to release 140 properties from certain restrictions in exchange for $407 million in pension contributions, some relief for once-storied department store chain.

The Hoffman Estates, Illinois retailer, which operates Sears and Kmart stores, says it expects net losses for the third quarter to improve by $190 million and that it hit its $1.25 billion target in cost savings for 2017. The company continues to close underperforming stores and sell assets in an attempt to remain afloat.

Sears expects about $3.7 billion in revenue for the third quarter, down from $5 billion a year ago, mostly due to store closures. It lost $2 billion in 2016.

The deal with the pension fund is expected to close in three months.

TribLIVE commenting policy

You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.

We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.

While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.

We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers

We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.

We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.

We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.

We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.