Sears to shutter up to 120 stores

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

PBN Hosted

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • 40 Under Forty
    We're almost sold out. The 10th Anniversary of 40 Under Forty, and PBN is planni ...
  • Healthiest Employers
    Save the date - August 14th - at the Providence Marriott for the 3rd annual Heal ...
Purchase Data
Book of Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  • Purchase an e-File of the entire Book of Lists database
  • Purchase a printed copy of the Book of Lists
    Latest News