Retailer Sears Canada Inc's first-quarter loss more than doubled as sales continued to decline with low demand for spring merchandise. The struggling company, 51-percent owned by Sears Holdings Corp, said its net loss widened to C$75.2 million ($69 million), or 74 Canadian cents per share, in the first quarter ended May 3, from C$31.2 million, or 31 Canadian cents per share, a year earlier.Revenue fell 11 percent to C$771.7 million.Sears Holdings said last week it was looking to sell its stake in the company, a move that could trigger a deal for all of Sears Canada. ($1 = 1.10 Canadian dollars) (Reporting By Shubhankar Chakravorty in Bangalore)
Sears Holdings Corporation (Holdings) is a retailer with 2,172 full-line and 1,338 specialty retail stores in the United States operating through Kmart Holding Corporation (Kmart) and Sears, Roebuck and Co. Shares of SHLD fell by 4.24% or $-1.68/share to $37.95. In the past year, the shares have traded as low as $31.26 and as high as $67.50. On average, 1462220 shares of SHLD exchange hands on a given day and today's volume is recorded at 1964046.
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