Shares of Sears Holdings Corp (NASDAQOTH:SHLDQ) were falling again today after the ailing retailer announced yet another round of store closings. Sears said it would close 46 more unprofitable Sears and Kmart locations, yet another sign that the company appears to be hurtling toward bankruptcy.
As a result, the stock was down 5.9% as of 2:58 p.m. EDT, with shares approaching the $1 mark.
The closings were not specific to any region, as the company will close stores in California, West Virginia, New York, Texas, and Ohio, among other states.
The move follows news last week that CEO Eddie Lampert had offered to buy the Kenmore brand from the company for $400 million, news that also pressured the stock and reminded investors of the desperate cash position the company finds itself in.
In a statement, Sears said, "As part of our ongoing efforts to streamline Sears Holdings' operations, strengthen our capital position and focus on our best stores, this week the company informed associates at 46 unprofitable stores that we will be closing these stores in November 2018."
Sears' decision to close stores in November, right before the holiday season, is just another sign of the dire straits the company is in. Generally, the holidays are the best time of year for retailers, and even struggling stores are able to turn a profit.
Sears' store-closing announcement also comes when rivals like Walmart and Target are posting record numbers.
There is little that can be done at this point to mend the once-dominant retailer. Expect more pain when Sears reports second-quarter earnings at the end of the month.