Sears May Close 120 Stores After Sluggish Holiday Sales
Sears Holdings reported a sharp drop in holiday sales compared to a year ago and said the results will force it to close 100 to 120 Sears and Kmart stores, CNNMoney reports.
The stores to be closed have yet to be identified. The company is one of the nation’s largest retailers with more than 4,000 stores in the United States and Canada. Sears Holdings said sales at stores open at least a year, known as same-store sales, dropped 5.2 percent in the eight weeks leading to Christmas, including a 4.4 percent drop in sales at Kmart stores and a 6 percent drop in sales at domestic Sears stores.
Shares of Sears Holdings nosedived $8.29, or nearly 19% to $37.56 in early trading Tuesday. Shares are now down almost 50% year-to-date.