Sears is quietly closing another round of stores ahead of the holidays, with some layoffs set to begin two days before Christmas, Business Insider reported. The latest store closings involve at least six Sears stores and five Kmart stores. Most of the closings are scheduled for November and December. Layoffs at a store in Poughkeepsie, N.Y., that employs 71 people are scheduled to begin Dec. 23. The newest round of store closings comes as the company battles to stay afloat under mounting pressure from looming debt-repayment deadlines. Sears CEO Eddie Lampert and his hedge fund, ESL Investments, recently submitted a proposal designed to give the company more time to revive its business. He wants creditors to restructure about $1.1 billion of debt coming due in the next two years. He has also asked Sears's board to sell $1.5 billion worth of real estate and divest itself of $1.75 billion of assets. Sears has been closing hundreds of stores and selling off assets following years of crippling sales declines. The company had cut its store count to 866 stores as of Sept. 13, down from 1,980 stores in 2013.
