April 22 (UPI) -- Retail giant Sears said it will close 50 auto centers and 92 underperforming pharmacies inside Kmart stores in a bid to further cut costs in the face of rising red ink.
The cuts come just four months after the Hoffman Estates, Illl-based retailer announced it would close 150 Sears and Kmart department stores across the country. At the time, CEO Edward Lampert said the company needed to reduce operating costs by $1 billion. In announcing the new round of closures Friday, Lampert said the cost cuts would now total $1.25 billion.