Sears Holdings Corp (NASDAQ:SHLD) announced that the company is shuttering the doors of at least 40 more stores in the coming months.
The retail chain announced that it will be closing 40 Sears and Kmart stores in July and August, according to a Business Insider report from May 19. The company has yet to comment on the matter, which includes 31 Sears locations and nine Kmart stores that will be closing in 24 states.
The company closed more than 100 stores in March and April, which included 64 Kmart stores and 39 Sears locations, many of which were located in malls. Last year, the retailer also closed down about 250 stores.
The chain also announced last month that it would put a number of its stores for auction online, many of which are located inside of malls. However, a few of these stores are standalone locations that you can find online at Real Insight Marketplace.
These stores will be sold to the highest bidders in sell and lease back deals. This means that the company will be selling these locations and then leasing them in order to continue operating business as usual in these places.
Sears has been trying to sell a large chunk of its real estate with the intent of raising cash as it struggles to meet quarterly forecasts.
SHLD stock is up 0.4% Monday.
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