Around the Net
Sears To Close 100-120 Stores
- Reuters, Tuesday, December 27, 2011 12:52 PM
Retailer Sears Holdings Corp. said it plans to close 100-120 Kmart and Sears Full-line stores and expects adjusted fourth-quarter EBITDA to be half what it was a year ago.
The company reported $933 million in adjusted fourth-quarter earnings before interest, taxes, depreciation, and amortization last year.
The retailer, home to brands including Craftsman tools and Kenmore appliances, expects to earn $140-170 million by selling off inventory in affected stores and selling or subleasing store space. The company also expects store closure and inventory reduction to lower peak inventory in 2012 by $500-580 million.
