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Sears to Spend Millions on Closures

It will reportedly take $443 million to close 142 stores

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Sears (Hoffman Estates, Ill.) will reportedly spend $443 million to close 142 stores after having declared bankruptcy earlier this year.

The costs, according to a regulatory filing, are expected to include $335 million from lease-termination costs; $81 million will come from those stores’ markdowns; $9 million in severance costs; $6 million from depreciation.

According to The New York Post, the company’s Chairman Eddie Lampert is hoping to acquire and preserve about 500 of its remaining stores.

The news follows the company’s request last week to pay out $25.3 million in retention bonuses to its top executives.

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