Save E-mail

Send this URL to a friend:

* - Denotes a required field.
Your Name*
Your Email Address*
Friend's Name*
Friend's Email Address*
Subject*
Message*

Print

Hoffman Estates, Ill.--Department store chain Sears announced plans to close 100 to 120 Sears and Kmart stores after suffering a very weak holiday shopping season. So far this quarter, same store sales fell 5.2 percent.

Sears quarter-to-date same store sales dropped 6 percent. The sales decline was primarily driven by the consumer electronics and home appliance categories, with more than half of the decline occurring in consumer electronics.

Sears apparel sales were flat and Lands' End in Sears stores was up mid-single digits.

Kmart's quarter-to-date 4.4 percent comparable store sales decline reflects decreases in the consumer electronics and apparel categories and lower layaway sales.

Sears expects fourth quarter consolidated adjusted EBITDA to be less than half of last year's $933 million.

This article first appeared on IDEX Online on Dec. 28.