Sears Holdings plans to shutter 142 Kmart and Sears stores by the end of the year and begin liquidation sales shortly as it tries to emerge from bankruptcy court.

The retailer currently has roughly 700 stores open.

"The reduction in the number of stores that the company operates, as well as the reconfiguration of the stores it continues to operate, is part of the company's larger process of transforming its business model to place a greater emphasis on providing dynamic online and in-person shopping experiences for its customers," Sears wrote in the documents filed with the bankruptcy court Monday morning.

Sears will continue to operate — and monitor — the rest of its stores during the holidays.