Sears to close 100 to 120 Kmart, Sears stores
Sears Holdings Corp. plans to close between 100 and 120 Sears and Kmart stores after poor sales during the holidays, the most crucial time of year for retailers. In an internal memo sent to employees this morning, President/CEO Lou D'Ambrosio says the retailer had not "generated the results we were seeking during the holiday." Sears has yet to determine which stores will close, adding it will release a full list of closures on its website here once the decision is finalized. It did not provide any timeline on the decision. The company has more than 4,000 stores in the U.S. and Canada. The company's revenue at stores open at least a year fell 5.2% to date for the quarter at both Sears and Kmart, the company says. That includes the critical holiday shopping period. Sears says declining sales, ongoing pressure on profit margins and rising expenses pulled its adjusted earnings lower. The company predicts fourth-quarter adjusted earnings will be less than half the $933 million it reporter for the same quarter last year. The Hoffman Estates, Ill.-based retail giant says the store closings will generate $140 to $170 million in cash from inventory sales. The retailer expects the sale or sublease of real estate holdings to add more cash. To read the full story from The Associated Press, click here.
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