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Sears might "unload" 1,200 stores in an effort to raise money, the
Wall Street Journal reported Thursday. A majority stakeholder in Sears Holdings Corp., which operates Sears and Kmart, is hoping to receive $770 million in cash related to the stores.
Sears Holdings Corp., based in Hoffman Estates, Ill., Thursday reported a significant loss for the fourth quarter after a difficult holiday shopping season. The company had a net loss of $2.4 billion for the quarter that ended Jan. 28, including several one-time charges, compared to a profit of $374 million for the same period last year.
Sales dropped $518 million to $12.5 billion last quarter. Officials have tried to turnaround the company as same-store sales have fallen for six straight years.
Sears describes itself as the country's "fourth largest broadline retailer with over 4,000 full-line and specialty retail stores in the United States and Canada," according to its website.
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