Sears Holding Corp. Thursday reported a larger Q3 loss than last year and said it would close even more stores than previously planned, for a total of 235 this year.
The crippled retailer also said that in Q3 its short-term debt increased to $2.1 billion from $1.8 billion last year.
Sears, as a longstanding retail powerhouse, owns significant real estate, and in November announced a plan to leverage much of its property into a real estate investment trust (REIT), which could bring in as much as $1.9 billion. Affected stores — some 300 — would be leased back to Sears.
Sears has begun to chip away at its operating costs with the closure of many stores, and the REIT plans are unique and may just work to gain it some cash. These are end-game strategies, though, and it’s looking like too little too late. Still, it’s not quite over yet for the once-great American retailer, which still has plans for recovery.