Up To 120 Sears, Kmarts To Close, Amid Speculation That Company May Not Survive
NEW YORK (AP) — Between 100 and 120 Sears and Kmart stores are shutting down after terrible holiday sales during the most crucial time of the year for retailers. There has yet to be a determination if any Las Vegas valley stores will be affected. Sears Holdings Corp., based in Hoffman Estates, Ill., said Tuesday that the store closings will generate $140 to $170 million in cash in inventory sales. The retailer anticipates additional proceeds from the sale or sublease of real estate holdings. The retailer says that same-store revenue fell 5.2 percent to date for the quarter at both Sears and Kmart. Kmart’s declining sales were blamed on diminished layaways and a drop in clothing and consumer electronics sales. Sears’ cited lackluster consumer electronics and home appliance sales. Sears has more than 4,000 stores in the U.S. and Canada. There are over a dozen Sears and Kmart facilities in the Las Vegas area.