“We will continue to close some unprofitable stores so that our physical store footprint and our digital capabilities match the needs and preferences of our members,” Sears said in a statement Thursday afternoon.
The company did not say how many employees would be let go as a result of the closures but said it would provide severance to eligible workers. Liquidation sales will begin as early as next week, with store closings expected to begin in early March.
Earlier in the day, Macy’s announced that it would close 11 U.S. stores in coming weeks. A number of major retailers, including JC Penney, have also been shuttering locations in an effort to cut costs.
For Sears, the announcement is the latest in a string of bad news for the 124-year-old retailer, which has billions in debt and hasn’t turned a profit since 2010. The company has closed more than 2,600 stores in the past six years and is downsizing many of its existing locations.
Last spring, Sears executives said they had “substantial doubt” about the company’s financial viability, sending shares of Sears plunging by nearly 13 percent.
The company’s stock has lost more than 97 percent of its value in the past decade, from a peak of $195.18 a share in 2007 to less than $4 a share today. On Thursday, shares tumbled nearly 5 percent to close at $3.58.