LOS ANGELES (CBS) — Roughly 100 to 120 Sears and Kmart stores are closing after a dismal holiday season.
While several retailers reaped record profits, sales fell 4.4 percent at Kmart stores and six percent at Sears during the eight weeks leading up to Christmas.
Kmart blames diminished layaways, while Sears cites lackluster consumer electronics and home appliance sales.
The closings will generate up to $170 million in inventory sales.
Sears hasn’t revealed which of its Southland stores will be closing.
“Given our performance and the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce ongoing expenses, adjust our asset base, and accelerate the transformation of our business model,” CEO Louis D’Ambrosio said. “These actions will better enable us to focus our investments on serving our customers.”