Posted: Dec 27, 2011 7:22 AM
Source: Associated Press
NEW YORK (AP) - Between 100 and 120 Sears and Kmart stores are shutting down after terrible holiday sales during the most crucial time of the year for retailers.
Sears Holdings Corp., based in Hoffman Estates, Ill., says the store closings will generate $140 to $170 million. The retailer anticipates additional proceeds from the sale or sublease of real estate holdings.
The retailer says that same-store revenue fell 5.2 percent to date for the quarter at both Sears and Kmart.
Kmart's declining sales were blamed on diminished layaways and a drop in clothing and consumer electronics sales. Sears cited lackluster consumer electronics and home appliance sales.
Sears has more than 4,000 stores in the U.S. and Canada.