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The retail environment remained challenging, with continued softness in store traffic and elevated price competition, however, we are encouraged that the month holeing July was the best month of the quarter in terms of comparable store sales performance. Comparable store sales declined Kmart comparable store sales decreased 9.
We continued to focus on streamlining our operations, reducing inventory and operating expenses, and are taking incremental actions to further improve the Company's performance. Due to the structure of the leases, we expect that our cash rent obligations to Seritage and the joint venture sears holding company will decline, over time, as space in these stores is recaptured.
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Edward S. LampertChairman and Chief Executive Officer of Sears holding company Holdings, said, "We are making progress on the strategic priorities we outlined earlier this year and remain focused on returning our Company to profitability. The comprehensive restructuring of our operations is delivering cost efficiencies and helping drive improvements to our operating performance. While the third quarter has historically been our most difficult quarter over the past several years, we are working towards making meaningful improvement in our performance this year as a result of the restructuring actions we have put sears holding company place, and our continued focus on the expansion of our Shop Your Way ecosystem.
Rob RieckerHoldings' Chief Financial Officer, said, "During the quarter, we continued to focus on actions to provide the Company with additional financial flexibility to generate liquidity and demonstrate our ability to manage our business while meeting all of our financial obligations.
We continued to take actions during the second quarter of to improve liquidity. Additionally, in August, the Company executed an amendment to its secured standby letter of credit facility sears holding company "LC Commpany. We continue to work to manage our vendor relationships in a constructive manner. We have materially reduced our risk over the past several years, while meeting all of our obligations.
Sears Holdings Corporation
Similarly, we will continue sears holding company ensure that our vendors deliver on their obligations to Sears Holdings. We expect this partnership to drive growth opportunities across three of our divisions - Kenmore, Sears Home Services and Innovel Solutions, Inc. Innovel and Sears Home Services will provide white-glove service for delivery, installation and extended product protection for the full range of home appliances from Kenmore sold on Amazon.
The Amazon Kenmore Store will feature a full range of Kenmore products go here purchase across sears holding company United Stateswith select home appliances already available in California. There can be no assurance that we will complete one or more transactions, and we also intend to take actions on our own that present the opportunity to improve the economics of these brands and business, including potential externalization through non-Sears Holdings channels.
In fiscal yearwe have closed approximately stores previously announced for closure, and an additional sears holding company previously announced for closure are expected to be closed by the end of the third quarter of As a result of these actions, the Company has begun to see improvement in the operations in the second quarter as noted above, particularly in the months of June and July as the restructuring program actions, including the closing of unprofitable stores, have begun to take effect. This action is expected to have an hoding impact on the funded status of our total pension obligations, but will serve to further reduce the size holdkng the Company's combined pension plan, reduce future cost volatility, and sears holding company future plan administrative expenses.
The tables attached to this press release provide a reconciliation of GAAP to as adjusted amounts. We believe that our use of Adjusted EBITDA and Adjusted EPS provides an appropriate measure for investors to use in assessing our performance across periods, given that these measures provide adjustments for certain significant items which may vary significantly from period to period, improving the comparability of year-to-year results and is therefore representative of our ongoing performance. Therefore, we have adjusted our more info for them to make our statements more useful and comparable.]
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