The department-store company will stop matching contributions to its workers’ retirement plans on Jan. 31.
The department-store company will stop matching contributions to its workers’ retirement plans on Jan. 31.
New figures released on Tuesday showed stunning sales declines across a broad array of consumer goods.
The Sears Holdings Corporation withdrew its operating profit outlook because of the severe economic downturn.
Sears reported a wider-than-expected loss of $146 million, citing charges and weak results. Staples profit dropped 43 percent on hefty write-downs and the acquisition of Corporate Express.
The retailer also delivered a downbeat outlook, predicting that its sales and gross profit margins would continue to be pressured amid a difficult economic environment.
Steve & Barry’s, the clothing chain that tried to undercut competitors by selling celebrity fashion for less than $10, is preparing to file for bankruptcy protection, according to people briefed on the talks.
The parent of Sears and Kmart reported an unexpected $56 million first-quarter loss, dealing another setback to the hedge fund manager who has struggled to turn the company around.