(AP) NEW YORK - 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 closings are the latest and most visible in a long series of moves to
try to fix a company that has struggled with falling sales and shabby
stores as rivals like Wal-Mart Stores Inc. and Target Corp. spruced up
their looks and turned into one-stop shopping sources. (Continues at CBS News)
Many Sears, Kmart stores closing, but no list of where or when, corporate offices announce
The company that owns Sears, Kmart and Lands End announced today that it plans to close 100 to 120 of its nearly 2,200 Kmart and Sears full-line stores, a move it expects to generate $140 million to $170 million, according to a statement on its website.
NEW YORK (CNNMoney) -- Sears Holdings on Tuesday 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.
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.