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Sears to close 3 more Illinois Kmart stores, reports narrowed loss

Sears has already closed or announced plans to close 330 stores this year. It now says it will shutter 28 more, including three Illinois Kmart stores.

Stores in Oak Lawn, Elmhurst and Belleville are expected to shut down by mid-November, Sears said Thursday.

Sears continued to struggle in its second quarter with declining sales amid heightened competition.

"The retail environment remained challenging," Sears Holdings Corp. said in a statement.

The Hoffman Estates-based company reported that its second-quarter loss narrowed to $251 million, or $2.34 per share. Losses, adjusted for one-time gains and costs, came to $1.16 per share.

Revenue fell 23 percent to $4.37 billion in the period. Sales at stores open at least a year, a key measure of a retailer's health, dropped 11.5 percent.

In March, Sears said there is "substantial doubt" it could continue as a viable concern, with intense pressure coming from companies like Wal-Mart Stores Inc., Target and Amazon. It has insisted that its actions to turn around its business should help reduce that risk.

The company said Thursday that it has used about $605 million of its $1.5 billion revolving credit facility due in 2020. Its cash balances were $442 million as of July 29.

Chicago Tribune's Lauren Zumbach contributed.

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