Sears Holdings Corp. (NASDAQ: SHLD) shares dipped on Thursday after the company announced that it would be closing more stores. This is the most recent development on its race to becoming a penny stock, or maybe worse.
The company announced that it is closing another 13 Kmart stores and 33 Sears stores as sales shrink and losses grow.
These liquidation sales at the 46 unprofitable stores marked for closure will begin at the end of August and the stores will close in November.
It’s worth pointing out that this move comes as Sears is considering a bid from CEO Eddie Lampert’s hedge fund ESL Investments to acquire its jewel Kenmore appliances from the company for $400 million.
Overall, Sears has vastly underperformed the broad markets, with its stock down 87% in the past 52 weeks. In just 2018 alone, the stock is down 67%.
Shares of Sears were last seen down about 4% at $1.13, with a consensus analyst price target of $2.00 and a 52-week range of $1.09 to $9.63.