The post-holiday news is not good for Sears or Kmart, which announced today that they will be shutting down between 100 and 120 stores in the new year.
Sears estimates that the closing will generate $140 million to $170 million in much-needed cash from liquidation sales. The retailers also anticipate some extra cash from the sale or sublease of its real estate holdings.
Kmart and Sears have a combined 2,177 locations in the U.S. and another 500 in Canada. Sears has locations in Boise, Chubbock, Coeur d'Alene, Idaho Falls, Lewiston, Moscow, Mountain Home, Nampa, Pocatello, Ponderay, Rexburg and Twin Falls. Kmart has locations in Boise, Ammon, Coeur d'Alene, Lewiston, Nampa, Pocatello and Twin Falls. Final determination of the stores to be closed has not yet been made.
Christmas sales were down 6 percent at Sears and down more than 4 percent at Kmart. In particular, Sears blamed poor consumer electronic sales for more than half its decline.