Sears Holding Corporation refused to shed light on the number of additional stores subject to closure, but confirmed that shutting down branches is part of the company's revival strategy. 

Based on related reports, Sears was rumored to close more than 100 stores across 22 states, including 30 department stores, 31 Sears auto centers, and 55 Kmart stores.  Financial News and Market Tracking Seeking Alpha added that approximately 6,100 employees will be laid off before Christmas.

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But according to spokesman Howard Riefs, official numbers of closure and layoffs are not yet available, adding that update should be released before yearend. Similarly, company representative Chris Brathwaite said that store closures are necessary and economical especially when the branch is not able to achieve profit goals.

Latest data shows 96 Sears store shuttered in six months since February.  In August, Sears said that it was planning to close 130 others for the fiscal year and added that the actual number might exceed the expectations.

Allan Ellinger, senior managing partner at MMG Advisors, commented that Sears is "not giving anybody confidence" that their stores are going to be the same leading fashion brands anymore.

In relation to cost-cutting measures, Sears lost approximately US$1 billion for the first half of 2014 prompting the company to devise fund-raising activities.  On Monday, Sears said it plans on raising US$625 million funds through equity warrants and unsecured loans, half of which comes from Chief Executive Eddie Lampert hedge fund.

It added that the company is looking to seven-store leasing contract with fashion retail brand Primark, though representatives did not mention the amount.  As of October 25, Sears shares increased 5.9 percent or US$36.46 individual stocks on NASDAQ.

Fitch Ratings reported that with Sears' current cash flow, the company may not be able to survive until 2016.  Toby Crabtree, an analyst at Standard & Poor, also said that this has Sears' worst financial setback ever.

Currently, Sears operates 1,077 Kmart chains and 793 Sears stores across United States.

TagsSEARS, hedge funds, Kmart, Standard & Poor, Fitch Ratings