Sears To Close 100 To 120 Kmart, Sears Stores
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 stores to close have not yet been identified.
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 with Sears locations at the Ocean County Mall, Monmouth Mall and Freehold Raceway Mall as well as Middletown. There are several Kmart stores in the Shore area including Toms River, Brick, Howell, Wall, Manahawkin and Hazlet.
(Copyright 2011 by The Associated Press. All Rights Reserved.)