Sears, Kmart locations closing nationwide

Exclusive Sears says it has secured a $250 million lifeline will close 96 stores

Exclusive Sears says it has secured a $250 million lifeline will close 96 stores

The Santa Maria Valley Chamber says it was "disappointed" to learn Sears would be leaving the city and will work to help employees affected by the closure find new jobs and also identify new potential tenants for the vacated space.

Lampert, through his hedge fund ESL Investments Inc, has contributed a significant portion to the new financing, the people added.

Lampert combined Sears and rival chain Kmart more than 15 years ago, heralding the formation of a retailer with $55 billion in annual sales, but the company lost money nearly every year over the past decade in the face of competition from the likes of e-commerce giant Inc.

The once mighty brands of Sears and Kmart are continuing to slowly disappear as Sears announced on Thursday the closure of 96 additional stores.

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Among the locations include the Kmart located at 3800 Oakwood Blvd in Hollywood, the Sears at 1625 W 49th St in Hialeah and the Sears at 20701 SW 112th Ave in Cutler Bay.

Sears, once the dominant big box retailer with thousands of stores around the United States, continues to see its footprint decimated as its owner fights to bring it back from the brink.

The parent company of Sears and Kmart is lowering the boom - again. That's down from roughly 425 locations earlier this year, and from as many as 2,500 stores when Sears and Kmart first merged in 2005.

In addition to fewer shoppers, Sears remains mired in litigation with its old bankruptcy estate over terms related to Lampert's earlier rescue. It cites "a hard retail environment and other challenges" as a reason for the latest closures. The company did not rule out more closings.

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