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RECESSIONOMICS Sears, Kmart to Close 100 Stores Getty Images

Sears, Kmart to Close 100 Stores

Sears Holding announced on Tuesday that they are being forced to shut down up to 120 Sears and Kmart stores due to a drop in holiday sales. The stores to be closed have yet to be identified. Sears Holding said that stores open for up to a year were down 5.2 percent for sales in the eight weeks leading up to Christmas Day, and shares of the company have tumbled almost 50 percent in the past year. Analysts said the company is suffering from a combined weakness in the economy and growth on online sales.

December 27, 2011 12:04 PM