Store Closures For Sears/Kmart

The stock price of Sears/Kmart is plunging today upon news that the retailing giant will close over 100 stores in the next month.

Sears Holdings said sales at stores open at least a year, a closely watched retail measure known as same-store sales, tumbled 5.2% in the eight weeks ended on Christmas Day. That came from a 4.4% drop in sales at Kmart stores and a 6% slide in sales at domestic Sears stores. "Given our performance and the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce on-going expenses," said Lou D'Ambrosio, CEO of the company.

Most of the closures are expected to occur in the northeast and midwest.