Sears to close another 78 stores

NEW YORK: Sears Holdings Corp said on Thursday that it would close 78 stores in the coming months, or about 5 percent of its total store network, the loss-making retailer's latest move to shrink its operations.

The company, which had 1,672 stores as of the end of January, said it would close 10 Sears department stores and 68 Kmart discount stores, with nearly all of the closings occurring in late July.

For years Sears has slashed costs and sold assets and sought to remake its business model built around a smaller store base, innovative online services and data-driven loyalty program. So far those efforts have not restored profitability.  In February, Sears had warned that it was looking to cut staff and accelerate store closings.