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From The Associated Press:
Sears Holdings Corp. plans to close between 100 and 120 Sears and Kmart stores after poor sales during the holidays, the most crucial time of year for retailers.
The store closings follow its announcement last quarter it would shutter 10 stores. Kmart and Sears have a combined 2,177 U.S. big box locations and another 500 in Canada.
A list of which stores closing will be available at www.searsmedia.com.
Wall Street analysts have long faulted Sears for not investing enough to make its stores appealing. Sears is "effectively asking customers to pay for a poorer shopping environment" than other chains, Credit Suisse analyst Gary Balter said in a note to clients.
Balter was also surprised that Sears would borrow money during the holidays, which are typically a peak cash flow period.
Sears blamed poor consumer electronics sales in a tough economic environment "especially for big-ticket items" for more than half of the decline in its namesake chain's domestic same-store sales.