After disappointing holiday sales and falling numbers, Sears Holdings Corp announced in an internal memo today that it will be closing 100 to 120 of its Sears and Kmart stores.
According to The Guardian, CEO and President Lou D'Ambrosio said that the retailer did not generate the results company officials "were seeking during the holiday."
Although it is not yet known which stores will be closed, the company said it will post a final list on its website.
However, Sears Holdings did not mention how many jobs, if any, would be lost.
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Reuters reported that the company, whose rivals include Wal-Mart and Amazon.com, has been letting its stores deteriorate under the direction of Chairman Edward Lampert.
Analysts also "cite poor locations and ho-hum merchandise for its ongoing decline."
Sales for Sears Holdings have been falling ever since Sears merged with Kmart in 2005.
Brian Sozzi, an independent retail analyst, told Reuters that he expects even more store closings from the company.
"They've neglected this business for so long," he said. "They are letting Kmart and Sears die on the vine."
According to ABC News, Sears' shares fell 18 percent today at 9:42 a.m. EST, to a value of $37.65.
The company earned $933 million this year during its fourth quarter. That is only half of what it earned during last year's fourth quarter.
"Sears Domestic’s quarter-to-date sales decline was primarily driven by the consumer electronics and home appliance categories," reported ABC.
As for Kmart, its sales declined due to a decrease in "consumer electronics, apparel categories, and lower layaway sales."
Despite poor sales for these two stores however, ABC reported that holiday sales overall increased 3.8 percent.
In contrast, online shopping sales increased 15 percent.
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