The Troy, MI-based retail chain says that the closings are part of "its Chapter 11 financial objectives review." The company anticipates that the sale proceeds generated from store closings will enhance its cash flow by approximately $500 million this year. After the closings, which are subject to bankruptcy court final approval, Kmart will continue to operate more than 1,500 stores across the US, the Caribbean and Guam.

The Kmart stores that will be closed in the state are located at 7 Allstate Rd. in Boston, 400 Lowell Ave. in the Westgate Shopping Center in Haverhill, 10 Pilgrim Hill Rd. in Plymouth, 600 South St. in West Raynham;and 301 E. Main St. in Westfield.

The company also says that it received a commitment for up to $2 billion in exit financing from GE Commercial Finance, Fleet Retail Finance Inc. and Bank of America, NA and plans to file a reorganization plan with the bankruptcy court next week.