Sears Holdings Corp., based in Hoffman Estates, Ill., said Tuesday that the store closings will generate $140 to $170 million in cash in inventory sales. The retailer anticipates additional proceeds from the sale or sublease of real estate holdings.
The retailer says that same-store revenue fell 5.2 percent to date for the quarter at both Sears and Kmart. Kmart's declining sales were blamed on diminished layaways and a drop in clothing and consumer electronics sales. Sears' cited lackluster consumer electronics and home appliance sales.
Sears has more than 4,000 stores in the U.S. and Canada.
