Sears closes another 20 stores

As Sears Canada enters a court-supervised restructuring the company's pop-up shop in downtown Toronto is trying to entice new shoppers with a hipper image

If a store is "unprofitable as defined" in the agreement between the companies, Sears has the option to exit the lease by making a payment equal to one year of rent, a Sears spokesman told CNBC. A liquidation sale will begin June 30, while the auto center will be converted to a DieHard Auto Center. The latest store closings include 18 Sears stores and two Kmart locations.

The only Chicago-area store among the 20 closing is on North Harlem Avenue in Galewood, Riefs said.

Two of the stores are in Maryland.

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Sears department store is pictured at Station Mall in Sault Ste.

Sears warned in March that there is "substantial doubt" about its ability to remain in business due to losses that have topped $10 billion since 2010, the last time it turned a profit.

Days ago, Sears announced it was having trouble finding financing to continue its operations after its hopes of continued cash flow were dashed when financiers cut the money on offer. On Friday, Sears Holdings announced 20 locations on top of the recently announced closings, bringing to a grand total of 260 for this year, as the business struggles to deal with years of retail sales decline.

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On Thursday, Sears Canada, a separate company that Sears spun off in 2012, filed for bankruptcy protection.

Sears Canada operates as a licensee of USA -based Sears Holdings, although Sears Holdings owns about 11.7% of Sears Canada stock.

The company plans to continue operating throughout the restructuring and said it intends to emerge as a leaner, more focused operation better able to compete in the hyper-competitive retail industry. Lampert is chairman of both Sears and Seritage.

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