Sears Holdings announced that it would close 100 to 120 Sears and Kmart stores, following declining holiday sales.
The company said that sales at its Kmart subsidiary fell 4.4 percent for the eight-week period ending Dec. 25, while sales at Sears Domestic fell 6 percent. Overall sales fell 5.2 percent for the season and 2.6 percent for the year.
The company did not provide a list of which stores will be closed, but said a list will be posted on searsmedia.com when a decision is made.
“While our past practice has been to keep marginally performing stores open while we worked to improve their performance, we no longer believe that to be the appropriate action in this environment,” said a company statement.
The company expects the closings to generate $140 million to $170 million in cash, as the net inventory from the stores is sold.