Sears, Kmart closing seven more Pennsylvania stores this winter

Darnell Taylor
November 10, 2019

The new loan, put together in recent weeks, increases by roughly $100 million the $150 million of financing that Sears raised several weeks ago, said people familiar with the transaction, who were not authorized to discuss publicly some aspects of the deal. The Sears store in Springfield will remain open.

The Sears stores in Auburn and Leominster and Kmarts in Acton and Billerica will close this winter, according to a news release issued Thursday by their parent company.

The company recently acquired Sears Hometown - a network of independently owned and operated, smaller stores that offer home products such as appliances, sporting goods and tools - that it hopes could help change its fortunes.

Sears closed its Wyoming Valley Mall store in the summer of 2018, while Kmart stores at Laurel Mall in Hazle Township and in Pittston Township were shut down in the spring of that year. Following the latest announced closures, the combined retailer will have about 600 locations nationwide.

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Another wave of Sears (OTCPK:SHLDQ) store closures is on the horizon as billionaire owner Eddie Lampert struggles to return the big-box retailer to its former glory days.

Sears is in the midst of an attempted turnaround after filing for bankruptcy protection in October 2018 after losing billions of dollars. Lampert is chairman of the company.

A representative from the company didn't respond to a request for comment on the potential divestitures.

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