Sears Holdings announced plans to close 40 more stores across the U.S. by early 2019 as it continues to slim its business and seeks to mitigate losses under bankruptcy protection, CNBC reports. These closings are in addition to the 142 unprofitable stores the retailers said it would close when it filed for bankruptcy on Oct. 15.
The additional store closures come as Sears is still looking to formally secure the money it needs to stay in operation long enough until it can find a potential buyer to avoid liquidation. It had interim approval for $300 million in emergency financing and was in talks with hedge fund ESL Investments for another $300 million loan, according to bankruptcy filings.
The 40 planned closures are in California, Illinois, Maine, New York, Pennsylvania, Puerto Rico, Wisconsin, Arkansas, Arizona, Connecticut, Florida, Idaho, Indiana, Maryland, Michigan, Missouri, North Carolina, Nebraska, Nevada, Ohio, South Carolina, Tennessee, Texas, and Virginia.
Sears announced earlier this week it is seeking approval to sell its home improvement division to Airbnb-like entity Service.com.Read More