Sears Holdings Corp is considering the separation the management operations of its Lands' End clothing and Sears Auto Center businesses, according to a report by Reuters. The report says that it is part of a turnaround plan after Sears suffered another quarter of decline in same-store sales.
Eddie Lampert, hedge fund manager that head's Sears, told Reuters that the company's same-store sales dropped by 3.7 % for 12 weeks that ended Oct. 26.
For the third quarter of this year that will end on Nov. 2, the company said that it is expecting to post a net loss of between US$532 million and US$582 million.
The company's sales began declining since 2005. The decline was primarily attributed to intense competition with Wal-Mart Stroes Inc, Target Corp and Amazon Inc.
It has been an uphill battle for the retail giant since then and has reported a 1.5% decline in its second quarter same-store sales.
Sears launched its turnaround plan last year hoping to stave off it losses. It has been reported that Sears has been closing stores, giving up assets, and even selling some of its real estate.
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