Sears to close another 72 stores after sales plunge

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The Sears store inside the Honey Creek Mall will remain open.

The company said closing sales for the 63 stores would begin in June, and the stores would close by September. While Lehigh Valley stores were spared in this latest round, three Pennsylvania stores were on the list: a Kmart in Latrobe, Westmoreland County, and two Sears in the Pittsburgh area. That list is expected to be released by midday Thursday.

Sears said it would reveal the list of closures later today.

The lower sales resulted in a $424 million loss for Sears Holdings (SHLD), the holding company that owns by Sears and Kmart.

Michael Staenberg's real estate development firm recently acquired the Sears building attached to Chesterfield Mall in an attempt to buy and redevelop the struggling mall.

Fifteen Kmarts and 48 Sears stores nationwide are slated to close, including a Sears store in Springfield, Ill.

And the retailer says it will continue to evaluate its network of stores, and will make further adjustments as needed and as warranted.

Sears shares, which have lost nearly all of their value in the last five years, were down almost 10 percent at $2.90 in mid-day trading. The additional shutdowns come as the company's financial report showed revenue dropped more than 30 percent for the quarter.

Sears Holdings closed its Kmart location at 180 Main Saugus on earlier this month.

Topeka's Sears is closing its doors for good this fall.

Earlier in May, the company formed a special committee to explore the sale of its Kenmore appliances brand, home improvement products and parts direct business.

Chairman and CEO Edward Lampert, who combined Sears and Kmart in 2005 after helping to bring the latter out of bankruptcy, has long pledged to save the famed retailer, which started in the 1880s as a mail-order catalog business.