SearsHoldings Corp. plans to close between 100 and 120 Sears and Kmart stores after poor sales during the holidays, the most crucial time of year for retailers.
The closings are the latest and most visible in a long series of moves to try to fix a retailer that has struggled with falling sales and shabby stores.
In an internal memo Tuesday to employees, CEO and President Lou D'Ambrosio said that the retailer had not “generated the results we were seeking during the holiday.”
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SearsHoldings Corp. said it has yet to determine which stores will close but said it will post on www.searsmedia.com when a final list is compiled. Sears would not discuss how many, if any, jobs would be cut.