Sears Holdings Corp. (NASDAQ:SHLD), parent company of Sears department store and Kmart, announced a 10.6 percent drop in same-store sales, the second consecutive quarter of double-digit declines.
Specifically, Sears stores' sales were down 13.9 percent and Kmart's were down 6.9 percent. In the first quarter, the same-store sales dropped 11 percent.
However, the company also announced an extension of its $3.275 billion credit line, allowing for more cash flow into the flailing department store chain. Sears will combine the credit line with the $2.7 billion it earned from selling 235 properties in a recent REIT to help give the retailer more flexibility.
Eddie Lampert, the company's CEO and largest shareholder, has made other moves, such as spinning off Lands' End and lending the company $400 million from his own hedge fund, to try to get the retailer out of financial distress.
The troubled retailer announced the closure of 80 stores in fiscal 2014, and has considered selling its Canadian operations as it looks to raise cash and focus more on U.S. operations.
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