With its latest batch of store closures, Sears appears to be making good on its goal to emerge from bankruptcy a vastly smaller company, USA Today reported. The iconic retailer, which filed for chapter 11 bankruptcy protection last month, said yesterday that it will shutter another 40 Sears and Kmart stores in February, on top of the 142 locations it previously announced would be closing by the end of this year. Attorneys for Sears told the U.S. Bankruptcy Court at an initial hearing that the retailer wanted to make a decision about the financial prospects of another group of struggling stores by Nov. 15. The retailer has also said that it is critical the bankruptcy process move swiftly. It has proposed having its chapter 11 reorganization plan filed by late December and confirmed in March 2019.
