More stores have been added to the tally of Sears and Kmart locations shutting down. The locations include 63 Kmart stores; 34 Sears stores; 34 Sears Auto Centers, 32 of which are associated with closing Sears stores; 1 Kmart distribution center and 1 Sears product repair facility. More locations could be added to the list. The closures are scheduled between November and January, with many stores closing before Christmas.

The closures have been compiled from liquidation, layoff and closure notices from Sears Holdings (NASDAQ: SHLD) received by multiple parties, including employees, property managers and local media. 7,048 layoffs have been announced, a number which could still grow.

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All Sales Final: Exclusive list of Sears and Kmart closures

Closures can cause hassles for customers, especially for pharmacy patients who will have their medical records automatically transferred to other stores, including stores not operated by Sears Holdings. Layaway accounts will also be transferred to other stores or to the website, or be refunded. Those holding gift cards or Kenmore or Craftsman warranties may find that the nearest Sears location is now farther away. Purchases at liquidating stores are final and cannot be returned to other Sears or Kmart locations.

Sears has not revealed the total number of locations being closed, saying it will do so in its next quarterly filing. Those filings do not identify individual locations. Last week, Sears cast doubt on a report regarding the closures of "at least" 46 Kmart stores, 30 Sears department stores and 31 Sears Auto Centers, saying the number of closures was not accurate. Nine additional Kmart stores were later added to the tally. In an email Sunday, Sears spokesman Chris Brathwaite did not dispute a claim that the number of closures is higher than was originally reported, but said that stores have been notified, and that their employees are advised of the situation.

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Brathwaite said the retailer's physical stores "will continue to play an integral role in our transformation," a matter of public speculation as bullish investors such as Fairholme Capital founder Bruce Berkowitz promote the company's real estate value.

Sears has leased space at both its closed and operating facilities to a growing variety of tenants, including Kroger, Whole Foods, Aldi, Nordstrom Rack, Forever 21, Primark, Pottery Barn, West Elm, Dick's Sporting Goods, Sports Authority, 24 Hour Fitness, Planet Fitness, and more.

Sears Holdings' real estate division currently reports a US portfolio of 1,798 open Sears and Kmart stores available for full or partial lease, plus 1,086 open auto centers available, and a total of 186 available closed locations. In its second quarter filing, Sears Holdings reported 1,870 US stores open as of August 2.

Brathwaite did not comment on whether Sears is opening any new stores. Healthy retailers may regularly close lower-performing facilities while simultaneously opening new, more promising locations. However, closures of Sears Holdings' retail stores appear to be accelerating, from the 93 announced in 2013 to 130 announced in just the first half of 2014, plus the closures through the rest of the fiscal year ending January 31, as well as any 2015 closures that may be announced over the next three months until fiscal 2014's close.

In addition to income from landlording, Sears has seen growth in its online sales. The company said in its second quarter report that online and multi-channel sales had grown 18% over the prior year. But David Tawil, president of Maglan Capital, says that, while Sears' landlord and online ventures are a path forward, they're not sustainable.

"The online business faces too many formidable competitors and it has not made enough of a splash to date to be a leader," he says. "With respect to real estate, the conventional thinking had always been that ESL's Sears/Kmart investment was a real estate play, and the landlord activity is clearly in-line with that. However, general big-box bricks-and-mortar has become less relevant to retail over time, and that trend doesn't seem like it will be slowing down. So, some of SHLD's portfolio may have good value, however, I don't think that's generally true."

Sears reported employing approximately 226,000 workers at the end of fiscal 2013, down from 317,000 following the merger of Sears and Kmart in 2005. Brathwaite says the company currently employs "more than 200,000" workers and that the company will also engage in holiday hiring.

Tawil said that as the CEO and chairman is both the largest shareholder and the person who controls the release of information and timing of liquidity moves, "the 'house deck' is too stacked against the independent investor for our taste."

The Fitch credit rating agency downgraded Sears' issuer default rating to "CC" last month.

Berkowitz purchased over 400,000 shares of Sears common stock last week, raising his holdings to over 26 million shares valued at over $1 billion as of Friday's close.

Shares of Sears Holdings rose 4.4% Thursday after the first report of store closures. The company's stock rose a further 8.4% to close at $38.97 Friday following the late Thursday disclosure of Berkowitz's continued insider purchases.

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