Sears Holdings is in the process of closing an additional 40 stores in 24 states, according to a report from Business Insider.
Of the 40 closures, 31 are Sears locations and 9 are Kmart stores. The company has not made an official announcement regarding the latest round of store closures.
Business Insider said it confirmed the store closures based on information from store employees and local media reports.
Although Sears has not made any recent public announcements regarding the fate of stores under either the Sears or Kmart brand, the company has continued working to raise funds.
In mid-May, Sears Holdings said it formed a special board of directors committee to explore the sale of its Kenmore brand and related assets, as well as the Sears Home Improvement Products and Parts Direct business of its Sears Home Services division.
As the company previously reported, the Sears Holdings’ board received a letter from ESL Investments expressing interest in participating as a purchaser of the sale assets, in full or in part. Edward Lampert, Sears Holdings chairman and CEO, is chairman and CEO of ESL Investments, which, through its funds, is the largest Sears Holdings shareholder and a lender to the retailer.