Business Insider, citing an internal memo, reported on Tuesday that Sears is planning to close 72 additional stores this year, in addition to 180 locations the company had previously announced it would close this year.
According to Business Insider, the company will shutter 16 Sears locations, 49 Kmart stores and seven auto centers. The report indicates that a majority of the 72 stores will close in September.
RELATED: 16 major retailers closing stores in 2017
Sears merged with Kmart in 2004. The purchase initially gave the retailer a shot in the arm, but the merger has not stop the bleeding in recent years. Sears' stock price peaked at $191 a share in 2007, but its value dropped quickly in 2008. After years of leveling off at $50 to $60 a share, Sears' stock closed at $6.61 a share on Tuesday.
Sears has been in the process of selling some of its iconic brands, including Kenmore and Craftsman.
With nearly 250 locations closing in 2017, Sears will operate a total of 1,200 stores, which is down from 2,000 just five years ago.
Click here to see a full list of Sears and Kmart locations that will reportedly close.
