Sears Accelerates Pace of Closing Stores

Sears (Hoffman Estates, Ill.) is accelerating the pace at which it is closing the stores it already announced would be shuttered, reports Retail Dive. That number is more than 30 Sears and Kmart stores, which will bring the number of stores the company has closed during this fiscal year up to more than 200.

Once these closures are finalized, the company will have fewer than 1500 stores. In 2011, the company was operating around 3500 stores. The company has previously stated its intentions to be an “asset-light” and “member-focused” company.

The company also announced that it has obtained a $200 million secured standby letter of credit to fund its operations.