Sears to close 79 stores, including 38 Kmarts
HTT Staff -- Home Textiles Today, 12/30/2011 11:40:50 AM
Hoffman Estates, Ill. -Sears Holdings has announced 79 stores the company will close, which are among the 100 to 120 underperforming Sears and Kmart stores the company said earlier this month that it planned to shutter. (Click here for list.)
Thirty-eight of the stores are Kmarts and the balance are Sears full line, hardlines or Grand/Essentials locations. The company did not say when the stores would close.
Reuters also reported that Fitch Ratings downgraded Sears Holdings' credit rating to CCC from B, citing "continued deterioration" in earnings before interest, tax, depreciation and amortization (EBITDA). Standard & Poor's also placed Sears' credit on review for a possible downgrade this week, saying the closings would not do much to improve its performance.
The new round of closings adds to the 49 other closure announced earlier this fiscal year. At the start of the year, Sears Holdings operated 1,278 Kmart and 842 Sears stores.
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