Sears Holdings Corporation announced on Tuesday that it has plans to close between 100 and 120 Kmart and Sears locations following a rough holiday sales season for their stores.
“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,” Sears Holdings CEO Lou D’Ambrosio said in a statement.
“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.”
Sears Holdings, the fourth largest broadline retailer in the U.S., hopes to generate somewhere between $140 million and $170 million by selling the inventory at the closing stores, and will generate additional money by selling or subleasing the real estate they occupy.
Which locations will be closed, however, has not yet been fully determined.