Sears Holdings will shut down around forty more stores to survive through bankruptcy.  The retail chain that once dominated the markets is now struggling to survive.

With Sears bankruptcy filing and the closure of large number of stores, the retail giant is nearing its end and its customers are not ready to see the end yet. It is a lot to take in after the retailer has been in existence for so long with many loyal customers.

On Thursday, the employees of 11 Kmart and 29 Sears stores were informed about the shut down that will take place in February. The liquidation sales will begin from the next week. These shut downs follow the earlier announcement of the closure of around 142 stores that have become unprofitable. This shutting down process will be completed by the end of this year.

The company will finish the closure of 46 unprofitable stores by the end of this month itself. The company filed for bankruptcy earlier in mid-October and has been staving off liquidation since then. There are no comments about the number of employees that will be impacted due to the closures.

It has been reported that after the closures, around 600 Kmart and Sears stores will still operate. In 2012, the number of operational stores has gone up to 4,000 including the Canada division of Sears that was spun off later. But in August 2018, only 360 Kmart and 506 Sears stores were operational.

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The number of employees has had a huge fall and has decreased from 350,000 to 90,000 in past decades. Some of the places where the stores will be shut down include California, Illinois, Maine and New York. The list of the 40 Kmart and Sears stores that will be shut down is huge and available on the company’s site.

Source: CBS News, USA Today