US DEPARTMENT store chain Sears yesterday reported losses in the fourth quarter.
Pre-tax losses grew for the 11th consecutive quarter, and the company has been cutting costs in recent years. Revenue fell to $8.1bn (£5.2bn) from $10.6bn during the same period the year before. Overall the company recorded a pre-tax loss of $222m, up from $25m.
Chairman and chief executive Eddie Lampert said: “We believe that the changes we are making… will help us continue to transform Sears Holdings into a leading integrated membership-focused company.”