Sears Holdings announced on Monday it will close another 142 Sears and Kmart stores, according to the struggling retailer’s bankruptcy filing Opens a New Window. .
The stores are scheduled to begin liquidation sales soon, coinciding with the holiday shopping season, according to Sears.
The latest batch of store closures comes nearly two months after Sears Holdings said it would shutter 46 additional stores by November.
Sears has closed hundreds of stores and spun off real-estate assets in recent years, part of its efforts to turn the company’s fortunes around. The retailer last recorded an annual profit in 2011 amid declining store traffic
Sears, which filed for Chapter 11 protection early Monday, has secured at least $300 million in financing to help keep the company operational during bankruptcy. Chairman Eddie Lampert emphasized that stores will be open for business during the critical holiday shopping season.
“While we have made progress, the plan has yet to deliver the results we have desired, and addressing the company’s immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer,” Lampert said in a statement.
Source: FOX News