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Sears to close 100 to 120 Kmart, Sears stores

Just two weeks after Gov. Pat Quinn signed tax-break legislation aimed at keeping Hoffman Estates-based Sears Holdings Corp. from leaving Illinois, the retailer announced it would shut down between 100 and 120 Sears and Kmart stores.

Sears’ move comes after terrible holiday sales during the most crucial time of the year for retailers.

Sears 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.

Read more at the Chicago Tribune.

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