Sears, Kmart to Close 100 Stores

    Shoppers rush in after the doors are opened at a Kmart store in the Bronx borough of New York, U.S., on Friday, Nov. 25, 2011. Black Friday, traditionally the biggest U.S. shopping day of the year, got off to its earliest start ever as retailers tried to woo shoppers with discounts and early store openings.

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    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.

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