AP source: Kmart to close another 64 stores

Markets Associated Press

A person familiar with the matter says Kmart is closing 64 stores by mid-December as the ailing company looks for more ways to generate cash.

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The liquidation sales start Thursday, says the person, who spoke on condition of anonymity because the decision isn't yet being disclosed publicly.

The closures are in addition to the announcement in April by parent Sears Holdings Corp. that it would close 68 Kmart stores this year. At that time, it said it would also close 10 Sears locations.

As of Jan. 30, Kmart operated 941 stores, so Sears will have closed 14 percent of its locations under that banner this year.