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Actionable news in SHLD: Sears Holdings Corporation,

Sears Announces Dozens of Store Closures Amid Financial Woes By Carleton English | Apr 22, 2016 | 10:12 AM EDT


This article originally appeared Thursday on Real Money.

It's looking like death by a thousand cuts for Sears Holdings (SHLD - Get Report) -- or, rather, death by 78 cuts.

The Chicago-based retailer announced after Thursday's market close that it plans to close 68 Kmart stores and 10 Sears locations over the next few months in an effort to return to profitability. The first store closures will occur by the end of this month and the bulk of the stores are expected to close in July.

"The decision to close stores is a difficult but necessary step as we take aggressive actions to strengthen our company, fund our transformation and restore Sears Holdings to profitability," CEO Edward Lampert said in a prepared statement.

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Shares of the company rose as much as 6% in after-hours trading Thursday, up from Thursday's closing price of $18.01. In...