(Reuters) – Sears Holdings Corp on Thursday identified 79 of the 100 to 120 Sears and Kmart stores it said earlier this week it would close, with the list split almost evenly between the two chains.
The struggling retailer on Tuesday reported weak holiday sales and forecast earnings for the current quarter would fall by more than half compared to the year earlier results. It also said it tapped its credit line.
Fitch Ratings on Thursday afternoon downgraded Sears to ‘CCC’ from ‘B’, citing a “continued deterioration” in earnings before interest, tax, depreciation and amortization (EBITDA), which it said could turn negative next year.
Full story: Sears lists 79 closings, gets Fitch downgrade