Sears 1Q loss widens, sales remain soft

NEW YORK (AP) — Sears Holdings signaled that it may close more stores than the 80 locations it is shuttering this year as the beleaguered retailer looks for ways to restore profitability and raise cash.

The news came as the Hoffman Estates, Illinois-based company, which operates Kmart as well as Sears stores, reported a wider first-quarter loss as sales declined 7 percent. The biggest drag was consumer electronics, a category that has been suffering because of price competition online.