- Sears is planning to shut 40 more stores next year.
- This will be in addition to the 142 unprofitable stores the department store chain is already expected to close toward the end of 2018.
- Liquidation sales at the 40 locations announced Thursday are set to begin late next week.
Sears Holdings said Thursday it plans to close 40 more stores early next year as it continues to slim its business and seeks to stymie losses under bankruptcy protection.
The retailer filed for bankruptcy on Oct. 15 with roughly 700 Sears and Kmart stores in operation. It announced at the time it would be closing 142 unprofitable stores and warned more closures could follow.
related investing news
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.
Talks with ESL though, stalled, after disagreements about who had first claim on some of Sears' few remaining assets, people familiar with the matter have told CNBC. ESL is led by Sears' chairman, Eddie Lampert.
Sears has now shifted to trying to finalize a separate second loan, people familiar tell CNBC. Those negotiations remain in flux, those people added.
The people requested anonymity because the information is confidential. Sears and ESL both declined to comment on the financing.
Sears said liquidation sales at the 40 locations set to close in February will start late next week. (See a full list below.) The accompanying Sears Auto stores will also be shut, according to the company.
Here are the 40 new stores Sears plans to shutter in February of 2019:
Kmart 26471 Ynez Road Temecula CA
Kmart 3443 W Addison Chicago IL
Kmart 3250 Clear Lake Road Springfield IL
Kmart 18 Elm Plaza Waterville ME
Kmart 805 New York Ave Huntington NY
Kmart 7101 Roosevelt Blvd Philadelphia PA
Kmart 1901 Lincoln Hwy North Versailles PA
Kmart Castro Perez Ave (Pr 122) San German Puerto Rico
Kmart 100 Ave. San Patricio Guaynabo / San Juan Puerto Rico
Kmart Betamces 400, Las Catalinas Mall Caguas Puerto Rico
Kmart 6077 S Packard Avenue Cudahy WI
Sears Airport Way Fairbanks AK
Sears 4604 E Cactus Road Phoenix AZ
Sears La Cumbre Plz Santa Barbara CA
Sears 470 Lewis Ave Meriden CT
Sears 801 N Congress Ave Boynton Beach FL
Sears 3342 Nw Federal Hwy Us#1 Jensen Beach FL
Sears 2300 E 17Th St Idaho Falls ID
Sears Marquette Mall Michigan City IN
Sears 7103 Democracy Blvd. Bethesda MD
Sears 5575 B Drive N Battle Creek MI
Sears 1740 Bonita Lakes Circle Meridian MS
Sears 1001 Barnes Crossing Road Tupelo MS
Sears 3320 Silas Creek Pkwy Winston Salem NC
Sears 3404 W 13Th St Grand Island NE
Sears 4355 Grand Canyon Dr Las Vegas NV
Sears 3065 Route 50 Saratoga Spgs NY
Sears 21182 Salmon Run Mall Watertown NY
Sears 987 E Ash St Piqua OH
Sears 1665 State Hill Road Reading / Wyomissing PA
Sears 344 Stroud Mall Stroudsburg PA
Sears 2197 Dave Lyle Blvd Rock Hill SC
Sears Southland Mall Memphis TN
Sears 401 Northgate Mall Chattanooga TN
Sears 198 Foothills Mall Maryville TN
Sears 1720 Old Fort Pkwy Murfreesboro TN
Sears 750 Sunland Park Dr El Paso TX
Sears Longview Texas Mall Longview TX
Sears 10101 Brook Road Glen Allen / Richmond VA
Sears 2500 Milton Ave Janesville WI