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Sears closes another 20 stores

Sears closes another 20 stores

Collins, CO Sears Appliances store past year - a location the company says "has surpassed projections".

The 30-day court protection from creditors will give it some "breathing space" as it tries to revamp its business, the retailer said.

Sears Holdings is closing another 20 stores, one in Minnesota, as the distressed department-store chain seeks to stanch the bleeding amid swirling challenges for the retail sector. The court also authorized Sears Canada to obtain up to $450 million in financing to maintain operations.

Sears' agreement with Seritage lets it end its leases at unprofitable stores in exchange for payment of one year's rent.

Sears Holdings has already shed $1 billion in costs this year, mostly through stores closures, and raised cash by selling its Craftsman brand to Stanley Black & Decker.




"The expense of operating a store-front operation, coupled with the decreased revenue associated with such operations, has caused a significant strain on TravelBrands' profitability", said the 2015 affidavit.

The Sears store at Burnsville Center is on the list of closures. Sears Canada now operates around 255 stores. The company did not give details as to which stores are closing. The specific timing of the store closings has not yet been finalized. Kohl's and J.C. Penney will also benefit from the closures, (even though J.C. Penney is also shuttering underperforming locations), with J.C. Penney particularly benefiting from Sears closures due to their customer overlap.

The Macomb Mall store closure is a hard, but necessary, decision slated for mid-September, Corporate Communications Director Howard Riefs told Crain's in an email.

The company says it will work to complete its restructuring in a "timely fashion" and hopes to exit CCAA protection "as soon as possible in 2017, better positioned to capitalise on the opportunities that exist in the Canadian retail marketplace".

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