Author Topic: Sears posts loss of $558 million ahead of crucial holiday shopping season  (Read 2986 times)

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USA Today Published 6:53 a.m. ET Nov. 30, 2017 | Updated 3:56 p.m. ET Nov. 30, 2017

Sears Holdings reported a third-quarter loss Thursday as the ailing department-store chain seeks stability and faces a critical test during the holiday shopping season.

After more than 400 recently announced store closures aimed at removing its weak spots, Sears said it lost $558 million for the quarter ended Oct. 28.

Despite the red ink, investors were heartened at first, sending shares up at much as 28% before they turned lower by late afternoon..

With gift buying in full swing, Sears confronts the challenge of  trying to draw shoppers to stores as they increasingly flock online or to the retailer's nimbler physical competitors.

Like other retailers, the company is aiming to bolster its shop-online-pick-up-in-store options to generate more business. Sears is also betting on a ramped-up loyalty program, called Shop Your Way, to lure customers.