Sears Closing 40 More Stores Early Next Year

Sears Holdings reportedly is closing 40 more stores early next year as the one-time retail king struggles to stay alive amid Chapter 11 bankruptcy.

The latest move affects 29 Sears and 11 Kmart locations, USA Today reports.

Sears filed for Chapter 11 bankruptcy protection last month with about 700 Sears and Kmart stores in operation. It announced at the time it would be closing 142 unprofitable stores and warned more closures could follow, CNBC explained.

The additional store closures come as Sears is still looking to formally secure the money it needs to stay in operation long enough until it can find a potential buyer to avoid liquidation, CNBC reported.

The question now is whether a smaller version of the company that once towered over the American retail landscape can be viable. Sears, which started as a mail order catalog in the 1880s, has been on a slow march toward extinction as it lagged far behind its peers and incurred huge losses over the years, the Associated Press has reported.

At its peak, the operator of Sears and Kmart had 4,000 stores in 2012 but will now be left with a little more than 500.

For a list of store closures, click here.

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