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Sears, Kmart to close 103 stores

Sears, Kmart to close 103 stores
Posted at 8:46 PM, Jan 04, 2018
and last updated 2018-01-04 16:01:52-05

(CNN) - It's closing time for another 39 Sears locations and 64 Kmart stores.

Sears Holdings, which owns both Sears and Kmart, made the announcement on Thursday, expanding months of similar closings aimed at getting the company on solid financial footing.

"In the process, as previously announced we will continue to close some unprofitable stores as we transform our business model so that

our physical store footprint and our digital capabilities match the needs and preferences of our members," Sears Holdings said in a news release.

Closeout sales at the affected locations will begin next week with all 103 locations shuttered by May.

Sears Holdings declined to say how many employees will lose their jobs, but the company says eligible associates will receive severance pay and have the chance to apply for open positions at remaining Kmart or Sears locations. 

Copyright 2018 CNN. All rights reserved. Raycom News Network contributed to this report.