Sears will shutter 80 stores this summer

NEW YORK — Sears Holdings Corp. will close 68 K-Mart and 10 Sears stores this summer as the retailer continues to shed assets in an effort to counter its freefalling sales performance. The closures represent some 5% of the company’s retail footprint, the Associated Press noted. Apart from two of the K-Mart sites, which will remain open till mid-September, the closures will take place in late July. “The decision to close stores is a difficult but necessary step as we take aggressive actions to strengthen our company, fund our transformation and restore Sears Holdings to profitability,” said a statement by chairman and CEO Edward S. Lampert.