Nov. 9 (UPI) -- Forty additional Sears and Kmart stores, including the last Sears store in Chicago, will be closed starting next year, officials said.
Sales at the 40 newly targeted stores will begin next week, the company said.
Sears Holdings, the parent company of Sears and Kmart, filed for bankruptcy Oct. 15 and is trying to find funding to keep operating long enough to find a buyer and avoid liquidation.
Filing documents say Sears has $300 million in emergency funds, and is working with hedge fund ESL Investments for a loan worth another $300 million. Talks stalled because of disagreements over who has first claim on Sears assets, CNBC reported.
Sears chairman Eddie Lampert is chief of ESL Investments.
Sears Holdings said all Sears Auto stores will be closed.
The new announcement shows Sears will no longer have a presence in Chicago, its longtime headquarters. Chicago's last Sears location closed in July and its only remaining Kmart store is on the list of new closures.