Ghost Town Malls: Sears Closing Dozens Of Auto Centers, Kmarts

(RTTNews) - Sears Holdings last Friday announced it will closed 142 store and has increased its cost savings target from $1 billion to $1.25 billion.

The company plans to close 92 underperforming pharmacy operations in certain Kmart stores and 50 Sears Auto Center locations. It completed its earlier announced closures of 150 non-profitable stores, comprised of 108 Kmart and 42 Sears locations.

This year the company has also divested its Craftsman brand and laid off hundreds of employees to improve its cost savings amidst continued dropping sales.

"Earlier this year, we initiated a strategic restructuring program and committed to improving our operating performance and financial flexibility in a very challenging retail environment," said Edward Lampert, Chairman and Chief Executive Officer of Sears Holdings. "While we have made significant progress in reducing our cost base and enhancing our member value proposition, we need to take further action. Accordingly, we will increase our structural cost savings target by $250 million on an annualized basis and accelerate our efforts to maximize value from our real estate portfolio, which we believe will improve our financial flexibility as we pursue our strategic transformation."