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The latest news from Sears was barely waiting.
Sears Holdings, which owns the Sears and Kmart brands, announced another huge loss in the second quarter: $ 508 million, about twice as much as it lost a year ago.
Overall sales fell by more than a quarter, mainly due to the closure of stores. Sales in open stores are down 4% and are up in July and August. The stock jumped 30% after hours, reaching $ 1.57.
Sears had planned to release its results before the market opened on Thursday, but missed its own deadline and instead communicated after the closing bell.
Investors, worried about the delay, had sent shares of Sears Holdings (SHLD) down 9% during the trading day.
"I would say it's unusual for a company, struggling or prosperous, not to report its returns," said Robert Schulz, chief credit analyst for Standard & Poor's retailers.
The company officials again stated that they were making progress in closing unprofitable stores as part of their efforts to recover the company. They swore that the company could one day become profitable again.
"We have worked hard to make the best possible decisions for the company, given the options available and the various constraints it has faced," said Eddie Lampert, CEO and principal shareholder. "We continue to believe that Sears can evolve successfully to become a smaller but profitable company."
But even Lampert's statement raised the possibility that the company would be forced to cease operations. He said Sears was looking for a way to remain "a business in the making rather than alternatives".
Other experts have said that Sears' recent record meant that saving the business would require more drastic measures.
"Sears still needs to address systemic issues or put in place a solid turnaround strategy," said Loren Trimble, CEO of AArete, an international management consulting and restructuring firm. "It is high time to put in place a viable restructuring plan."
Sears is looking for a buyer for its Kenmore appliance brand in order to raise money. Lampert has offered to buy Kenmore as part of a $ 400 million hedge fund, but independent Sears board members have not yet accepted the deal.
The company did not offer any details Thursday on where there might be a decision. Last month, Lampert told council that an agreement with Kenmore was "critical" for Sears.
The market value of Sears is only $ 134 million. Investors believe that the entire company alone is worth about a third of the Kenmore brand.
Sears Holdings has been haemorrhaging money for years. It has lost $ 11.7 billion since 2010, its last profitable year. Sales dropped by 60% during this period.
Sears and Kmart had 3,500 stores combined in 2005, when they merged. Today, they are less than 900 and the company announced in August that 46 more are closing before the holiday season.
CNNMoney (New York) First published on September 13, 2018: 11h58 ET
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