Sears Canada loses $119M in Q3

Sears Canada (NYSE:SHLD) continued its losing streak, reporting a loss of $118.7 million in the third quarter.

Same store sales and total revenue dropped from $982.4 million to $834.5 million, due in part to store closures, reported CBC News. The company also reported that sales in the remaining locations dropped by 9.5 percent from last year.

Continuing a tough year for the brand, J.P. Morgan Chase announced it would end its credit card agreement with Sears in 2015. And last week the company announced that it was considering monetizing some of its real estate through the creation of a real estate investment trust (REIT). The company filed an 8-K regulatory filing with the Securities and Exchange Commission today, which said the brand would sell between 200 and 300 stores to the REIT and then lease them back, hopefully creating some cash.

Last month the company was forced to close more than 100 stores and lay off at least 5,457 employees, and it already closed 75 Kmart and 21 Sears department stores in the first half of the year.

However, Sears Canada CEO Ronald Biore said that the brand would continue to build its relationship with consumers.

"The company has done well at managing expenses year to date and maintaining a strong balance sheet, and we are now working at growing our top line to have our sales match the high level of loyalty and support that Canadians have for the Sears brand," Biore said in a statement.

A majority of the company's shares are controlled by Edward Lampert and ESL Partners, which own 49.5 percent, reported the Toronto Star. Last month, Lampert, the company's CEO, loaned Sears $400 million from his own hedge fund, ESL Investments.

For more:
-See this CBC News article
-See this Toronto Star article

Related stories:
Sears Canada CEO resigns
No bids in Sears Canada auction
Sears launches interactive shops within stores
Sears continues downward spiral, closing 80 more stores
Sears Canada to cut 1,600 jobs as it outsources, restructures

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