Sears Holdings reached a deal that will allow it to sell up to 140 additional properties as it faces mounting losses and declining sales.

The company is expected to use all of the proceeds from the sales or financing deals, estimated at $407 million, to find a pension plan that still supports about 100,000 beneficiaries.

The retailer has been struggling against stiff competition with discounters, the rise of and nimbler rivals.

The retailer also said Wednesday it had reached its 2017 goal of slashing $1.25 billion in costs, which has included shuttering hundreds of stores.  Here's more from USA Today.

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