Sears, Kmart to Shutter 78 More Stores

Sears Holdings will undergo yet another round of store closings, in the face of sales declines at its Sears department stores and the Kmart discount chain. The Chicago-area retailer announced it would shutter 68 Kmart locations and 10 Sears store this summer.

The closings will leave the company with fewer than 700 Sears stores, while the Kmart store count will dip below 900. The company has shuttered many store locations, and sold off top assets over the past several years to remain solvent. The retailer indicated that the money from the closings, combined with the $1.2 billion in debt financing it has raised, will help meet financial obligations.