News summary: Sears 3Q loss widens

Posted at: 11/15/2012 4:35 PM
By The Associated Press

LESS LOSS: Sears Holding Corp. said Thursday its adjusted third-quarter narrowed, benefiting from the company’s push to turn around its ailing business. But revenue in stores open at least one year continued to tumble at its Kmart and Sears stores.

PROFIT PLAN: To restore profitability, Sears has embarked on a plan to aggressively cut costs, reduce inventory, sell off some assets and spin off others.

HAPPY HOLIDAYS? The company is facing falling sales and tough competition as the crucial holiday season _ when a retailer can make up to 40 percent of annual revenue _ revs up.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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