100-120 Sears and Kmart stores closing

Holiday sales this year did not do enough to keep a number of Sears and Kmart stores open.

Sears Holdings Corp., today announced between 100 and 120 Sears and Kmart stores are shutting down. The closings will generate $140-$170 million in cash inventory sales. Additional proceeds are anticipated from the sale or sublease of real estate holdings.{}

The same-store revenue fell 5.2% to date for the quarter at both Sears and Kmart locations. Kmart's decline is blamed on unpaid layaways and a drop in clothing and consumer electronics sales. Sears' decline is blamed on a drop in consumer electronics and home appliance sales.

Sears has more than 4,000 stores in the U.S. and Canada.