Sears Holdings Corp announced sales at comp stores at Sears stores were down 9.2% in the nine weeks that ended January 6 and down 5.7% percent at Kmart stores.
Sales at the company have been falling since 2005, when billionaire hedge fund manager Edward Lampert merged the two U.S. chains in an $11 billion deal.
“The results that we posted are not nearly what we want them to be,” Lampert, Sears Holdings’ chief executive officer and top shareholder, wrote in a blog post.
The company has made a big bet that its strategy to make targeted offers through digital and social means to members of its “Shop Your Way” rewards program, which generated about 69 percent of holiday sales, can fix the company.
In his blog, Lampert lamented that the holiday results “overshadow” the progress Sears had made with the program.
Lampert told Reuters in November he saw room for further store closings in 2014.
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