Sears Holdings just booked yet another loss in Q2 and is looking to sell its appliance, tool, and auto brands; Kenmore, Craftsman, and DieHard. The retailer, who was once the largest retailer in America, has been posting losses for the last six fiscal years and has been grappled by weaker sales as more customers do their shopping online.
It was initially back in May that Sears announced plans to seek out buyers or partners for its Kenmore, Craftsman and DieHard brands. Kenmore appliances and DieHard auto parts are exclusive to Sears, Kmart and Sears Auto Centers, while Ace Hardware sells Craftsman tools within its stores.
For the quarter ending on July 30, Sears reported a net loss attributable to shareholders of $395 million, or $3.70 a share, compared to a year-ago profit of $208 million, or $1.84 a share. Sears also lost $2.03 a share on an adjusted basis.
Revenue for the retailer was down 8.8% at $5.66 billion. Sales at locations open at least a year fell 5.2%.
The company had a total of 1,592 stores at the end of the quarter, down 110 stores from last year and 78 additional Sears and Kmart stores will be closed by the end of the summer.
Disclaimer: We have no position in Sears Holding Corp. (NASDAQ: SHLD) and have not been compensated for this article.