Sears speeds store closures

Sears keeps pruning its business in a yearslong makeover, a bid to transform itself from a 123- year- old retail store into a nimble, 21st century operator.

Patience appears to be wearing thin. Shares slid Tuesday after the company said it would accelerate the closure of some of its stores following a “challenging” holiday season. The stock fell 9 percent Tuesday to close at $ 15.25.

Comparable- store sales in the fourth quarter dropped 6.9 percent at Sears, and 7.2 percent at Kmart, which the also company owns. That’s a key indicator of a retailer’s health because it excludes the volatility from stores recently opened or closed.

While the quarter that contains the critical shopping season was better than the previous three quarters, overall same- store sales fell 9.2 percent in 2015, with Sears stores leading the decline.

“The holiday selling season proved to be challenging, with historically warm weather and intense competition pressuring margins and driving comparable store-sales declines,” the company said Tuesday.

Sears said the closures will include, but not be limited to, about 50 stores that it recently announced would be shuttered in the next few months.

The retailer will release quarterly and fullyear financial results on Feb. 25.