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"The retail environment remained challenging, with continued softness in store traffic and elevated price competition, however, we are encouraged that the month of July was the best month of the quarter in terms of comparable store sales performance. During the second quarter 2017, we had total revenues of approximately $4.4 billion, compared with $5.7 billion in the prior year quarter, with store closures contributing to approximately $770 million of the decline, and with reductions in the number of pharmacies in open stores and the reduction in consumer electronics assortment continuing to contribute to our overall sales decline," the company said in a statement.
During the earnings report, company officials said the company will close 28 more Kmart stores. In 2017, the company has closed approximately 180 stores previously announced for closure, and an additional 150 stores are expected to be closed by the end of the third quarter. That does not include the 28 Kmart that will also close later this year.
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“As a result of these actions, the company has begun to see improvement in the operations in the second quarter as noted above, particularly in the months of June and July as the restructuring program actions, including the closing of unprofitable stores, have begun to take effect,” the company said.
The only additional store that was named on the list was a Kmart store in Massillon, Ohio, located at 2600 Lincoln Way East.
The company previously announced it would close the Kmart store at 601 Woodman Drive in Dayton, which was the last location in the area. Kmart also announced it would close a store located at 4480 Indian Ripple Road in Beavercreek.
Sears Holdings lost $2.2 billion in sales in 2016. In late March, the company issues a somber message and officials said there is “substantial doubt” that Kmart and Sears can continue to survive. The ominous warning came in an annual report filed with the Security and Exchange Commission.
Here's the full list of store closings.
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