More Sears and Kmart closings than first announced

HOFFMAN ESTATES, Ill., Dec. 6 (UPI) -- Sears Holdings, the parent company to Sears and Kmart, announced it will close another 235 stores nationwide after another quarterly loss.

Sears boosted the list of store closures from 130 to 235 while the company reported its third-quarter losses were more than the same period last year.

Analysts said it's the best move for the struggling company, but more stores will likely need to be closed to make the company profitable. Rob Schriesheim, Sears Holdings' Chief Financial Officer, said the company is financially stable.

"Over the past several months, we have taken a number of actions to enhance our financial flexibility, support our operations during the upcoming holiday and post-holiday season, and meet our obligations. We have proven that we are an asset-rich enterprise with multiple levers at our disposal to generate financial flexibility, while creating shareholder value," Schriesheim said in a written statement. "In total, the actions we have taken have generated $2.2 billion in liquidity in fiscal 2014 thus far."

Sears Holdings lost $548 million in the three months ending on Nov. 1. Some of the stores that will be closed will be Kmart locations.

As of Nov. 1, the company had 1,831 Sears and Kmart stores, compared to 2,018 stores the same time last year.