Sears Holdings announced that it will close six more Sears stores alongwith five Kmart stores, mostly in November and December. In late August, it said that it will shutter more than 13 Kmart stores, following 2017’s closing down of 45.
This is happening as the company faces challenges with its debt repayment schedules. Sears Holdings CEO Eddie Lampert is trying to get creditors to allow a restructuring of roughly $1.1 billion of the company's debt coming due in the next two years. He has also suggested the Sears board to sell $1.5 billion worth of real estate and to divest $1.75 billion of assets.