Sears Holdings on Tuesday reported a sharp drop in holiday sales compared to a year ago, and said the results will force it to close 100 to 120 Sears and Kmart stores.
The company said the stores to be closed have yet to be identified.
Given our performance and the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce on-going expenses,” said Lou D’Ambrosio, CEO of the company.
Shares of Sears Holdings rose 75 cents, or 1.6%, in pre-market trading following the announcement.
The Sears and Kmart sales results were in contrast to the broader industry. The National Retail Federation forecast before the start of the year that holiday sales would be up 2.3% this year, a target that was helped by record Black Friday sales following Thanksgiving. Final sales figures are not yet available.