The retailer announced this with its earnings statement that showed a quarterly loss, as the number of people visiting its stores continued to fall.

Sears has shrunk from the largest US retailer to a company plagued by fears of bankruptcy after struggling with several years of losses amid the decline of mall shopping in favor of the web.

The company expects to cut $1 billion in costs this year mainly by selling its real estate.

Sears announced in July that it agreed to sell its Kenmore appliances on Amazon and integrate the voice-activated assistant Alexa into a line of smart products.

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