CHICAGO — Sears Holdings Corporation says it will close 120 of its K-mart and Sears stores. In normal economic times Sears says it would probably keep marginally performing stores open and give them time to improve. In these tougher economic times Sears says that’s no longer appropriate. The company said because it’s harder to sell big-ticket items like consumer electronics and the holiday rush was no help. K-mart sales were down more than four percent. Sears sales were down six percent. The British news service Reuters reported that sales at Sears and K-mart stores have fallen every year since the two retail chains were merged in 2005 by Sears Holdings chairman and top shareholder Edward Lampert, who is a hedge fund manager. There was no word from the company on when and where stores would be closed.
Tuesday, Dec. 27, 2 p.m.
