Sears is closing another 78 stores in the US

Sears stores closing

Sears Holdings continues to struggle and is planning to shut down another 78 US stores. The company is attempting to return to profitability after five consecutive years of losses.

The retailer had previously announced plans to close 50 stores on its path to cut $650 million in expenses.

On Thursday, the retailer said it would also close 68 Kmart stores and 10 Sears stores, with most of those stores slated to close in late July.

The company didn’t say how many workers would be laid off, but it did say they could apply for positions at other nearby locations where available.

“We’re focusing on our best members, our best categories and our best stores as we work to accelerate our transformation,” Chief Executive Edward S. Lampert said in a release.

Closing Sears stores will start liquidation sales on April 29 and Kmart stores on May 12.

Sears ended the most recent fiscal year with a $1.13 billion net loss as sales fell 19% to $25.15 billion and has since raised more than $1.2 billion in new debt to cover operations.

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The company has borrowed nearly $3 billion to keep itself in operation.