Sears to Close 100+ Stores, Lay Off 5,500

This is just the latest in a series of moves that Sears has made as it fights to keep its head above water. Earlier this week the retailer announced that it was leasing seven store locations to European fashion retailer Primark in an effort to raise much-needed capital. Prior to that, Sears received nearly $169 million in cash in exchange for selling 40 million shares of its Canadian business, Sears Canada, to hedge fund ESL Investments. (ESL Investments is run by Sears' CEO and largest shareholder, Eddie Lampert.) In May, Sears borrowed $400 million from ESL.