Sears, Kmart To Close At Least 100 Stores After Dismal Holiday Sales

LOS ANGELES (CBS) — Roughly 100 to 120 Sears and Kmart stores are closing after a dismal holiday season.

While several retailers reaped record profits, sales fell 4.4 percent at Kmart stores and six percent at Sears during the eight weeks leading up to Christmas.

Kmart blames diminished layaways, while Sears cites lackluster consumer electronics and home appliance sales.

The closings will generate up to $170 million in inventory sales.

Sears hasn’t revealed which of its Southland stores will be closing.

“Given our performance and the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce ongoing expenses, adjust our asset base, and accelerate the transformation of our business model,” CEO Louis D’Ambrosio said. “These actions will better enable us to focus our investments on serving our customers.”

  • Sears, Kmart To Close At Least 100 Stores After Dismal Holiday Sales | Los Angeles for Me

    […] Roughly 100 to 120 Sears and Kmart stores are closing after a dismal holiday season. During the eight weeks leading up to Christmas, sales fell 4.4 percent at Kmart stores and six percent at Sears. More from:… […]

  • rankin1

    3 worse:K mart, Sears and NO1 H&R Block

  • Guido

    D’Ambrosio is an idiot. The Board of Directors of Sears should oust him immeadiately. Why is it that Sears’ competitors have been enjoying thier best retail sales in four years? Because they never lost focus of thier core customer, and sustained the buying habits of thier clients with merchandise and products they actually want. Couple inferior merchandise with a lame marketing strategy and staff your stores with morons, kill off your credit clients and anyone can run this once great American institution into the ground. I stopped shopping at Sears years ago for those very reasons, and I will never go back. Goodbye, you once great icon of American retail.

  • *

    All of the appliances in our house are from Sears – but we had one incident with the rebate – we were just a couple days late and they wouldnt honor the 50.00 rebate – but we had a spent alot with them, so thinking they may use a good neighbor policy, we hoped they would make good on it in some way.. (the washer we bought was really expensive) well they werent nice about it nor were they accomodating in anyway, then there was an issue with the washer itself, and they werent helpful with that either…My husband said “thats it” they get no more of our money in that store….. cancelled his sears card, and hasnt set foot in a store since….
    Now we will go to our local K-mart in the same city ….but no more really expensive purchases from there… just clothes and inexpensive items…..
    Its a shame, we liked shopping at Sears B4 this happened…..

  • Susan Shedlow

    I sure hipe that Sears closes the KMART STORE on 3rd Street in the Park La Brae area. The one time that I went there the customer service was so bad that I never went back.

    The staff at this location are incompetent and lazy.

  • Joe M

    Thank you, Obama! We are doomed with you in the WH!

  • Xen

    No one can beat Sears tools, appliances and service.

    • *

      Craftsman is an awsome tool – and cant beat a lifetime warranty…. And there was a reason all our appliances were from there – thats why we were so dissapointed when that all happened….It was a bummer…..

  • Ro

    It looks like the introduction of the Kardashian Kollection scared off too many shoppers.

  • Ossie

    I could barely walk in Kmart near Park LaBrea a month before Christmas, it was so crowded.Where are all those Latinos going to go if it gets shut down?

    • " G "


  • nordstrom

    maybe a “lay away angel” will bail them out.

  • Francis

    I don’t care what other people say. I love Sears. I have been buying my Craftman tools there for the past 22 years. They have always replaced any tools that I broke due to the lifetime warranty.

    The only bad experience I had with sears was at the Sears branch is Buena Park. My Craftsman compressor broke due to a leak. I tried to get the Buena Park Sears to replace the part but they refused saying I did not get an extended warranty. I tried to reason that Craftsman pumps should not break easily during light use. Anyways, the manager refused to even check my broken machine and offer a suggestion. I felt bad after that experience. I took me about a year before I started buying from Sears again.

  • .

    Blue Light Special!

  • John

    As a Kmart Associate I am crushed. Having a family member as a District Manager and enjoying shopping here it has been part of my family. I won’t shop at the competition. Walmart is a huge monopoly and like they said at work today “Kmart will get out of this, stronger than ever.”

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