Sears Holdings Corp. announced that it will close an additional 150 non-profitable stores as part of additional strategic actions to increase its financial flexibility and improve long-term operating performance. The 150 non-profitable stores to be closed are comprised of 109 Kmart and 41 Sears stores, in order to stem losses. The company expects the strategic actions will facilitate the transformation of Sears from a store-based, asset-intensive business model into a membership-focused, asset-light business model. The company's board of directors has agreed to sell the Craftsman business for a cumulative $775 million, together with use of a perpetual license for the Craftsman brand, royalty free for 15 years, and a 15-year royalty stream on all third-party Craftsman sales to new customers. The board has also determined to generate up to $1 billion in liquidity through both a newly entered $500 million real estate backed loan that is secured by real estate properties and valued at over $800 million, and a previously announced standby letter of credit facility of up to $500 million from certain affiliates of ESL Investments Inc., issued by Citibank, N.A. In addition, the company has decided to market certain properties within its real estate portfolio to further unlock value and increase liquidity.