(RNN) – In an effort to save the 125-year-old company, Sears Holdings announced that it would be closing 46 unprofitable stores across the U.S. in an effort to streamline operations and strengthen capital position.
The company said to do this, the focus needs to be on its best stores.
Associates affected by the closures were informed their stores would be closing in November, with liquidation sales beginning as early as Aug. 30.
The company said eligible associates will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores.
According to Bloomberg, the store closings are in addition to the 63 planned closures Sears announced earlier this year.
The report states that Sears Holdings shares have lost value every year since 2014. And so far in 2018, the stock has declined about 67-percent.
For a list of store closures Nationwide, the company has provided a complete list of the affected stores on its website.
Copyright 2018 Raycom News Network. All rights reserved.