According to the Wall St Journal Sears Holdings Corp. said it expects to close 100 to 120 underperforming stores in pare costs as the struggling retailer reported fewer sales during the all-important holiday season, again raising questions about the company's ability to turn itself around.
The retailer's stock sank 20% on the news Tuesday morning, to about $36.61. The stock is down more than 45%% over the past 12 months.
Sears's sales have drifted lower as its namesake department stores and the Kmart discount chain lose market share to rivals like Wal-Mart Stores Inc. and Target Corp. On Tuesday, Sears said same-store sales are down 5.2% ...
Find out more at http://online.wsj.com/article/SB10001424052970203479104577124151924531994.html?mod=WSJ_hp_LEFTTopStories
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