Up to 120 Sears, Kmart Stores to Close; Out of Over 3,000 Stores


Sears Holdings Corp. plans to close between 100 and 120 Sears and Kmart stores to raise cash after a weak holiday shopping season for the retailer. The closings fueled speculation about whether the 125-year-old retailer can turn itself around.

The poor sales results at K-Mart were blamed on lower lay away sales and lower clothing and consumer electronics sales.

Sears poor sales results were associated with lower consumer electronics sales and lower large appliance sales.

According to a 2010 United States Securities and Exchange Commission report, Sears had 2,201 full-line and 1,354 specialty retail stores in the United States operating through Kmart and Sears, and 483 full-line and specialty retail stores in Canada operating through Sears Canada Inc. (“Sears Canada”), a 92%-owned subsidiary.

Sears is a Delaware corporation with headquarters at 3333 Beverly Road, Hoffman Estates, Illinois.

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