Sears Closing Up to 120 Sears, K-Mart Stores

Chicago, IL, Dec. 28, 2011 -- Sears Holdings said it will close up to 120 Kmart and Sears stores, or about 7% of its total, in an effort to increase cash flow.

“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,” said CEO Lou D’Ambrosio.

“These actions will better enable us to focus our investments on serving our customers and members through integrated retail — at the store, online and in the home.”