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Sears Holdings Corporation

nydailynews.com

Troubled iconic retailer Sears is closing 80 additonal stores, including two locally, as it teeters on the brink of liquidation. 

Sears — the iconic American retailer that has sold everything from clothing and toys to refrigerators and socket wrenches over its more than 125-year history — may have reached the end. The Sears Holdings company filed for Chapter 11 bankruptcy on Monday after failing to make a $134 million debt payment.

Updated at 2:55 p.m. ET Friday

Sears Holdings Corp., which controls Sears and Kmart, says it has "identified approximately 100 non-profitable stores, 72 of which will begin store closing sales in the near future," in the latest sign of the retailer's struggles to stay afloat.

Last year was one of the worst for the retail industry, with record setting bankruptcies and store closings — 8,000 across multiple national chains. And so far, things are not looking up in 2018.

On Thursday, Sears Holdings Corp., the parent company of Sears and Kmart, announced it is closing 64 Kmart stores and 39 Sears locations, as it grapples with weaker in-store sales.

The Justice Department says Kmart has agreed to pay 32.3 million dollars to settle allegations its pharmacies caused federal health programs to overpay for prescription drugs by not telling the government about discounted prices. 

Sears used to be the titan of American retailing. But now its future is in doubt.

Shares of the company's stock tumbled 12 percent today after the company acknowledged Tuesday in its annual 10-K filing that its future viability is not a sure thing. A 10-K is a report that public companies file with the Securities and Exchange Commission, giving a comprehensive summary of the company's financial performance.

Cincinnati-based  Macy's says it is eliminating more than 10 thousand jobs and plans to proceed with 68 store closures after a disappointing holiday shopping season.

Sears Holdings Corporation says it will close 68 Kmart stores and 10 Sears stores as it struggles to restore profitability.  Some of those stores are in Ohio.