Sears Holdings Corp. cut its third quarter loss by almost $200 million compared to a year ago, the company said on Thursday, benefiting from lower operating costs as it shut scores of Kmart and Sears outlets, Reuters reported yesterday. The company, whose warning of the risk of bankruptcy earlier this year was symbolic of the troubles of America's biggest traditional retailers, racked up its 24th straight quarter of sales declines, reporting a double-digit drop in comparable sales at both Sears and Kmart. Shares of Sears, which have been down more than 50 percent this year, surged 27 percent to $5.36 in pre-market trade and were the biggest gainers before the open. Sears said this month it had struck a deal that will help it reduce contributions to its pension plan for the next two years and monetize real estate that had formerly been protected. Once the largest U.S. retailer, Sears in March flagged doubts that it could continue as a going concern as it suffered from the Amazon-fuelled shift in shoppers from the mall to the web.
