Sears to close 72 stores after reporting $424 million first-quarter loss

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The Kmart store at 9881 W. 58th Ave.in Arvada was on the list of closures the retailer released Thursday afternoon.

The Sears store inside the Honey Creek Mall will remain open.

In this Thursday, March 29, 2018, photograph, the sign hangs over a set of doors leading to a Sears store in Littleton, Colo.

Despite several cost-cutting measures that have trimmed billions of dollars in expenses, Sears Holdings continues to lose money, and no one is sure it will ever regain its footing. As recently as 2016, there were almost 1,600 Sears and Kmart stores in business throughout the U.S. By the start of 2019, that total could be down to around 1,100.

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The company's announcement came as it revealed more losses in its first-quarter earnings report.

Sears will close another 72 stores as sales plunge and losses grow.

The company is looking to raise cash through a potential deal with ESL Investments, the hedge fund run by Sears' CEO, Eddie Lampert.

Rob Riecker, the company's chief financial officer, said in a prerecorded call that the stores are "a critical component in our transformation".

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Just a year ago, Sears parent company closed both the city's Kmart and Sears Auto Center as well.

Shares are down more than three percent before the opening bell.

Lampert, who put Sears and Kmart under one company after helping pull Kmart out of bankruptcy, has long said hed save the famed department store.

Heading into Thursday's announcement, Kmart and Sears had 30 stores in MA. That was after it had sold off the Sears Craftsman brand and as it looks for a buyer for its Kenmore appliance brand.

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Shares of Sears Holdings Corp., based in Hoffman Estates, Illinois, fell 11 percent, or 36 cents, to $2.86 on Thursday.

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