Sears May Close 120 Stores After Sluggish Holiday Sales | Business Facilities - Area Economic Development, Site Selection & Workforce Solutions

Contrary to the national trend, the retail giant reported that holiday sales at Kmart and domestic Sears stores were down 4.4 percent and 6 percent, respectively, compared to last year.


https://businessfacilities.com/2011/12/sears-to-close-up-to-120-stores-after-sluggish-sales/
Contrary to the national trend, the retail giant reported that holiday sales at Kmart and domestic Sears stores were down 4.4 percent and 6 percent, respectively, compared to last year.
Facebooktwitterredditpinterestlinkedintumblrmail

Sears May Close 120 Stores After Sluggish Holiday Sales

Sears May Close 120 Stores After Sluggish Holiday Sales | Business Facilities - Area Economic Development, Site Selection & Workforce Solutions

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.

Suggested Links:

  • Retail Set to Ride Out A Recession Despite a shaky economic outlook, the U.S. retail industry relies on its chain stores, online sales, and shopaholics to reinforce its big business status.
  • Retail’s Open Door Policy As the U.S. retail industry suffers some of the most severe sales declines in history, stores are taking drastic measures to help boost some last-minute holiday sales. An article in The […]
  • Best Idea of the Week: Retrofitting ASAP I have been speculating what will happen to all of the vacant storefronts... cheers to New Mexico for giving me a good answer!
SHARE
Facebooktwitterredditpinterestlinkedintumblrmail

Previous articleClimax Global Energy Puts Plastics-to-Oil Plant in SC
Next articleBroken Arrow, OK Officials Oppose Kialegee Tribe Casino
Business Facilities is a leading full-service media brand specializing in the site selection marketplace. Through a bi-monthly magazine, e-mail newsletters, a news portal, and its LiveXchange event, Business Facilities has created a dynamic community for C-level executives and economic development organizations.

LEAVE A REPLY