Sears Holdings plans to close scores of Sears Auto Center locations and underperforming Kmart pharmacies as part of its effort to cut costs by $1.25 billion this year.
The Hoffman Estates-based retailer already has closed 150 stores nationally — including two in downstate Illinois — in cost-cutting efforts, but more needs to be done in this "very challenging retail environment," Chairman and CEO Edward Lampert said Friday in a news release.
"We need to take further action," he said.
The closures and other steps the company already has taken add up to $700 million in annual savings. Closing 50 Sears Auto Center locations and 92 pharmacy operations in...