Sears closing its oldest store

Sears (NASDAQ:SHLD) is closing its oldest store. The location in Chicago's Ravenswood neighborhood will shutter in August after 90 years in operation.

The store opened on Chicago's Lawrence Avenue in 1925 and caters to a diverse shopper-base.

"Store closures are part of a series of actions we're taking to reduce ongoing expenses, adjust our asset base and accelerate the transformation of our business model," Sears spokesman Howard Riefs told the Chicago Tribune in an email.

Sears Holdings has accelerated the number of store closings following an announcement in February. In April, the company said it would close 68 Kmart and 10 Sears stores this summer.

For more:
- see this Chicago Tribune story