"We have been strategically and aggressively evaluating our store space and productivity, and will be accelerating the closing of unprofitable stores as we have previously announced," Riefs said in a statement.
Liquidation sales for the department store chain will begin Jan. Sears opened at the Town Center in 1983, when the mall first opened, and serves nearly 100,000 customers annually, according to the Sears web page for that location.
"This new standby letter of credit facility further demonstrates that Sears Holdings has numerous options to finance our business strategy." What does Sears Holdings do next?
While its CFO says Sears has numerous options to fund its turnaround, in reality the best move to pay its debt would be to sell off all or some of its Kenmore, Craftsman, and Die Hard brands as well as its Home Services installation and repair businesses.
"I go to other stores, but I always come back here.