This morning, Sears Holding Corp. announced a wider than expected quarterly loss - $146 million or $1.16 per share – resulting in the closing of eight more of its retail stores. This is a drastic difference compared to 2007’s third-quarter loss of $4 million, or three cents per share. These closings are in addition to 14 already in the third quarter. The Hoffman Estates-based company, which is controlled by hedge fund manager Edward Lampert, also approved a stock buyback plan of up to $500 million in common shares.

Revenue dropped eight percent to $10.66 billion from $11.62 billion as Sears' U.S. same-store sales slid 10.6 percent and Kmart same-store sales slipped seven percent. Total same-store sales – or sales at stores open at least a year, a key retail gauge – fell nine percent.