(Filed Under Financial and General Interest News). Sears Holdings Corp. has announced it plans to close between 100 and 120 Kmart and Sears full-line stores — approximately 5 percent of its total locations.
"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," stated Sears C.E.O. Lou D’Ambrosio.
The closures are expected to generate between $140 million and $170 million from the sale of inventory and contribute to a net inventory reduction of $500 million to $580 million in 2012.
The company recently reported that comparable store sales for Kmart fell 4.4 percent in the quarter to date, while comparable sales for Sears stores were down 6 percent. Year-to-date comparable sales saw the chains fall 1.8 percent and 3.3 percent respectively.
Sears Holdings is joining chains like Talbots in the U.S. and La Senza in the U.K. that have recently announced plans to close over 100 stores this year.
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