Sears Holdings has released the locations of 79 stores that it plans to shutter, and just about half of them are Kmart stores, with the list of locations spanning 25 states.
Earlier this week, the retailer announced that it planned to close 100 to 120 store locations in 2012 because many were not performing well, plus the retailer saw weak sales overall this holiday season. In a press release, Sears Holdings stated specifically that a "combination of lower sales and continued margin pressure coupled with expense increases," were to blame. The statement also cited decreased sales in both electronics and apparel, and the company has also seen fewer layaway sales.
The company is one of the nation's largest retailers with more than 4,000 stores in the U.S. and Canada, according to CNNMoney.
According to the list of 79 stores, Florida will see 11 locations close up shop, the most of any state listed, followed by Georgia, Michigan and Ohio, each with six store closings. Of the 79 locations, 38 are Kmart.
According to Sears, by closing 100 to 120 Kmart and Sears stores, the company expects "to generate $140 to $170 million of cash as the net inventory in these stores is sold and we expect to generate additional cash proceeds from the sale or sublease of the related real estate."
Previously: Sears To Shutter 100 To 120 Sears & Kmart Stores After Disappointing Holiday Sales [Consumerist]
Sears Holdings Provides Update [Sears]
Sears Details Store Closures [Wall Street Journal]
Sears releases partial list of store closings [CNNMoney]
—Maggie Shader












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