NEW YORK (AP) -- Between 100 and 120 Sears and Kmart stores are shutting down after terrible holiday sales during the most crucial time of the year for retailers.
Sears Holdings Corp., based in Hoffman Estates, Ill., says the store closings will generate $140 to $170 million in cash in inventory sales. The retailer anticipates additional proceeds from the sale or sublease of real estate holdings.
The retailer says that same-store revenue fell 5.2 percent to date for the quarter at both Sears and Kmart. Kmart's declining sales were blamed on diminished layaways and a drop in clothing and consumer electronics sales. Sears' cited lackluster consumer electronics and home appliance sales.
Sears has more than 4,000 stores in the U.S. and Canada.
No specific stores have been named and the corporations says it will post the list when a final decision is made.
In a press release posted on the website, officials said "we will carefully evaluate store performance going forward and act opportunistically to recognize value from poor performing stores as circumstances allow."
There is also no word yet on what will happen to the employees in the stores that will be closing.