Sears and Kmart Closing 120 Stores

Sears Holdings announced it will close 100 to 120 Sears and Kmart stores in an effort to focus on stronger stores after sales kept falling at the peak of the holiday season. Same-store sales at Kmart were down 4.4% in the current quarter through Christmas Day, and down 6% at Sears' stores. Companywide, they were down 5.2%. The company's sales have fallen every year since Sears and Kmart merged in 2005.

 

Sears blamed poor consumer electronics sales in a tough economic environment "especially for big-ticket items" for more than half of the decline in its namesake chain's domestic same-store sales. It also reported lower layaway sales, which are offered at Kmart, due to EDLP leader Walmart bringing back its layaway program after five years this holiday season.

 

The store closings follow its announcement last quarter it would shutter 10 stores. Kmart and Sears have a combined 2,177 big box locations and another 500 in Canada.

 

A list of which stores closing will be available at www.searsmedia.com.