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Sears to Close 24 More Locations

Sears Holdings here last week said it would close another 24 locations — about half of them Kmart stores — by the end of May, following the previously announced closure of 28 locations last year.

HOFFMAN ESTATES, Ill. — Sears Holdings here last week said it would close another 24 locations — about half of them Kmart stores — by the end of May, following the previously announced closure of 28 locations last year.

The latest round of closures includes 12 Kmarts, one Super K, seven Sears Grand/Essentials and four traditional Sears stores. The closures include five in Florida, four in Ohio, three in Indiana, two each in Pennsylvania and Alabama, and one each in Virginia, Illinois, Tennessee, Nebraska, North Carolina, Kansas, Wisconsin and California.

“We will be closely monitoring stores throughout 2009,” said Edward S. Lampert, chairman of the company, in a letter to shareholders accompanying its year-end financial results. “We cannot afford to operate stores without the prospect for an adequate return. For those stores that have leases expiring, we have chosen in some cases not to renew the leases, thereby allowing us to convert the inventory to cash, relieve the loss on our income statement, and eliminate the lease expense from our debt calculations and obligations.”

Net income for the fourth quarter, which ended Jan. 31, was off 55.4%, to $190 million, while revenue declined 12%, to $13.3 billion.

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