Sears Holdings Corp., parent company of Sears and Kmart Corp., announced the closing of up to 120 Kmart and Sears full-line stores in 2012 due to poor same store sales performance and the continuing tough economy. The Hoffman Estates, Ill. company has a portfolio of more than 4,000 stores in the United States and Canada. There are six full-line Sears stores and three Kmart stores in the San Fernando Valley. Store locations include North Hollywood, Valencia, Canoga Park, Northridge, Burbank, Glendale and Santa Clarita. The company reported net revenues of $43 billion in 2010, a nearly 2 percent decrease from the previous year. Domestic comparable store sales also declined in 2010 by almost 2 percent. Sales continued to decline this year, with comparable store sales dropping 5.2 percent for the quarter ended Dec. 25. Chief Executive Officer Lou D’Ambrosio said Sears expects to generate $140 to $170 million from the store closings with additional funds expected from the sale or sublease of the related real estate. Sears had yet to announce the closing store locations as of this morning.
