Sears Holding Corp. (Hoffman Estates, Ill.) has announced that it will close 40 more stores, in addition to the 142 it previously announced would be closing by the end of the year.
The retailer’s attorneys told the U.S. Bankruptcy Court that it will make its final decisions regarding another group of its struggling stores by this Thursday, Nov. 15, reports USA Today.
So far, the company has borrowed hundreds of millions of dollars from its CEO, sold off its Craftsman tool brand and closed stores to restructure its financials. It filed for bankruptcy protection in October amid plummeting sales and revenue.
Liquidation of the 29 Sears and 11 Kmart stores are slated to begin late next week. Sears Holdings has 687 stores and employs about 68,000 workers.