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U.S. Securities and Exchange Commission

Sears to accelerate store closing plan

Sears to accelerate store closing plan

Sears says it will accelerate plans to close unprofitable stores and will consider additional staff cuts as it tries to stem the red ink after what it called a "challenging" holiday selling season.

Sears Holdings on Tuesday said fourth-quarter sales in stores open at least a year fell 7.2 percent in Kmart stores and 6.9 percent at Sears stores, despite the company entering the holiday period "with key product offerings and promotions intended to build engagement with our members and provide them with the best experience possible," the company said in a filing with the Securities and Exchange Commission.

For the full year, that measurement of sales fell...