Sears is closing stores more stores, with some layoffs starting 2 days before Christmas

Hayley Peterson

Oct 3, 2018, 20:30 IST

Sears is closing stores more stores, with some layoffs starting 2 days before Christmas

LM Otero/AP

Sears is closing more Sears and Kmart stores.

Sears is closing at least 11 stores ahead of the holidays, including six Sears stores and five Kmart stores.
Layoffs at one Kmart store in Poughskeepie, New York, which employs 71 people, will begin December 23, according to a company filing.
Sears has been closing hundreds of stores and selling off assets following years of crippling sales declines.

Sears is quietly closing another round of stores ahead of the holidays, with some layoffs set to begin two days before Christmas.

The latest store closings include at least six Sears stores and five Kmart stores, according to company filings. Most of the closings will occur in November and December.

Layoffs will begin on December 23 at one store in Poughskeepie, New York, which employs 71 people, according to a filing.

The newest round of store closings come as the company battles to stay afloat under mounting pressure from looming debt repayment deadlines.

Sears CEO Eddie Lampert and his hedge fund, ESL Investments, recently submitted a proposal designed to give the company more time to revive its business.

Lampert wants creditors to restructure about $1.1 billion of debt coming due in the next two years, according to the proposal. He has also asked Sears' board to sell $1.5 billion worth of real estate and divest $1.75 billion of assets.

"Sears now faces significant near‐term liquidity constraints," a filing on the proposal said.

Sears has been closing hundreds of stores and selling off assets following years of crippling sales declines.

The company had cut its store count to 866 stores as of September 13, down from 1,980 stores in 2013.

Here's the new list of closings: