- Thomson Reuters
Sears is having a terrible holiday quarter.
The company said Thursday that same-store sales at Sears and Kmart stores declined in the range of 12% to 13% in November and December, which are the first two months of Sears’ fiscal fourth quarter.
That’s a significant drop from the previous quarter, when same-store sells fell 7.4%.
Sears provided the sales update in a news release announcing a series of actions it’s taking to try and shore up cash and improve business.
“We are taking strong, decisive actions today to stabilize the company and improve our financial flexibility in what remains a challenging retail environment,” Sears CEO Edward Lampert said in a statement. “We are committed to improving short-term operating performance in order to achieve our long-term transformation.”
The company also confirmed that it’s shutting down 150 Sears and Kmart stores in early 2017, which Business Insider first reported Wednesday.