END OF AN ERA: Sears’ loss narrows as same-store sales plunge

Sears Holdings Corp continued its streak of declining sales in the third quarter, reporting a double-digit drop in comparable sales at its Sears and Kmart chains.

Sales at Sears stores open for more than a year fell 17 percent in the quarter ended Oct. 28, while comparable sales at Kmart fell 13 percent, hurt by closures of pharmacies within some Kmart stores and fewer electronic products available at the chains.

Once the largest U.S. retailer, Sears has struggled as shoppers shift from the mall to the web and has closed scores of its weaker Kmart and namesake department stores, striking brand licensing deals and promoting its shopper loyalty program in efforts to turn itself around.

The retailer, which has reported years of losses and declining sales, said on Thursday it would look to diversify its revenue streams through partnerships in its businesses, including Sears Home Services, Innovel, Kenmore and DieHard.

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