Is this the beginning of the end for the once iconic department store? Sears Holdings announced a huge cutback on its store count. Between 100 and 120 Sears and Kmart stores will close in the coming months.
Poor sales have plagued Sears and Kmart for years. Sears Holdings has lost money in five of the past six quarters, and, even worse, November marked a shocking 19 straight quarters of sales declines.
Sears Holdings has not announced yet which stores will close and how many jobs will be lost. However, it plans to make between $140 million to $170 million as inventory is sold off at discount prices.