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Sears (and Kmart) will close these stores in Pa.

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Surrendering Stores       Sears and Kmart stores now number less than 1,000              Source Company filings Bloomberg

Sears Holdings Corp. also plans to close stores at Fairlane Town Center in Dearborn, Genesee Crossing mall in Flint and Cherryland Center shopping complex in Traverse City.

Sears' stock was down about 9.5 percent to $2.90 at time of publication. Liquidation sales at the stores will begin as early as June 14 and all stores will close by early September, the company said. It reported a net loss of $424 million, compared to a profit of $245 million the same time past year.

Last year's positive earnings were the result of $492 million recognized in the sale of the company's Craftsman brand.

Sales at Sears stores open at least one year, a closely watched industry metric, fell 13.4 percent during the most recent quarter. The company said that some of the stores were pulled from the list for further review.

In January, the retailer announced it was closing 103 stores, including the store at Orland Square Mall.

Lampert adds that Sears will continue to explore opportunities to unlock the full potential of its assets for shareholders, such as third-party partnerships and small-format stores that blend brick-and-mortar locations with online experiences.

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After the closures, there will be about 820 remaining Sears and Kmart stores, down from about 2,000 locations five years ago when hedge fund billionaire Eddie Lampert took over as chief executive. Revenue fell due to fewer stores and a 12 percent drop in same-store sales. The Davenport Sears is one of two in Iowa that are on the list.

'We believe these initiatives, among others, will help us to strengthen the Company and better position it for the future, ' he said.

"Sears has had wonderful real estate for decades, so most of it will be backfilled in the years to come", says Scardino.

The retailer is also closing a Kmart store in Laredo.

Sears previously announced 166 store closings that took effect this year, but the company has been quietly closing additional stores over the past several months, as Business Insider has previously reported.

Shares are down more than three percent before the opening bell.

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