retail

Sears to shutter up to 120 stores

BLOOMBERG NEWS FILE PHOTO/BRENT LEWIN
A woman walks past a Sears Holding Corp. store in Ottawa, Ontario, Canada.
Posted 12/27/11

HOFFMAN ESTATES, Ill. - Sears Holdings Corp., the parent company of Kmart, Sears, Roebuck and Co., said Tuesday that it will close between 100 to 120 Kmart and Sears stores.

The company, which has about 4,000 stores in the U.S. and Canada, has not yet determined which ones will be shuttered.

The news came in an update on its quarter-to-date performance, revealing a 4.4 percent decline in Kmart store sales and 6 percent drop in its domestic Sears store sales for the eight-week period ended Dec. 25.

“Given our performance and the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce on-going expenses, adjust our asset base, and accelerate the transformation of our business model. These actions will better enable us to focus our investments on serving our customers and members through integrated retail – at the store, online and in the home,” said CEO Lou D'Ambrosio.

The store closures are expected to generate $140 million to $170 million in cash, including the sale of inventory, and the sale or sublease of real estate.

The store closings will be posted to www.searsmedia.com.

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