Sears will close 103 of its remaining 1,100 stores, putting an estimated $302.5M worth of commercial mortgage-backed securities at risk.

The stores slated to close in the spring include 64 Kmart and 39 Sears locations, 16 of which are located at retail centers backed by CMBS loans worth a total $671.1M, according to a Morningstar Credit Ratings report.

Morningstar uncovered six stores in particular that, when closed, could negatively impact the shopping center or mall where it is housed, thereby increasing the risk of loan delinquencies and defaults. Several of these properties are anchored by Sears, and without an anchor, could risk the loss of other in-line tenants as well as decreasing property values.

For the Bangor Mall in Maine — now facing foreclosure — and Hanford Mall in California, Sears is the second anchor to have closed following Macy’s and Forever 21, respectively.

The future of Sears itself has been in question for months. Prior to the holidays, its near-term survival looked dreary after it drew the remaining $60M of the $200M credit facility it had obtained in October. Both shareholders and suppliers had expressed concern over the rate of spending at the time.

There are a total of 305 retail centers with Sears stores that are backed by CMBS loans, according to Morningstar.