NEW YORK (AP) — 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 company has numerous stores in the Michiana area: Sears stores at University Park Mall in Mishawaka, Pierre Moran Mall in Elkhart and Marquette Mall in Michigan City; and Kmart stores operating on McKinley Avenue in Mishawaka, as well as in Elkhart, LaPorte, Plymouth, Warsaw and Sturgis. There are Sears Hometown Stores at 4035 S. Michigan St. in South Bend, and also in Plymouth, Goshen and Dowagiac.
The closings are the latest and most visible in a long series of moves to try to fix a retailer that has struggled with falling sales and shabby stores.
In an internal memo Tuesday to employees, CEO and President Lou D'Ambrosio said that the retailer had not "generated the results we were seeking during the holiday."
Sears Holdings Corp. said it has yet to determine which stores will close but said it will post on http://www.searsmedia.com when a final list is compiled. Sears would not discuss how many, if any, jobs would be cut.
The company has more than 4,000 stores in the U.S. and Canada. Its stock dropped $8.67, or 18.9 percent, to $37.18 in morning trading. The shares dipped to their lowest point in more than three years at $36.51 during the first few minutes of trading.
The company's revenue at stores open at least a year fell 5.2 percent to date for the quarter at both Sears and Kmart, the company said Tuesday. That includes the critical holiday shopping period.
The South Bend Tribune contributed to this report. Check back on this web site later today for updates and see the full story in Wednesday’s South Bend Tribune.