Sears and Kmart closures: List of 79 stores is released
This post had been updated below.
Struggling Sears Holdings Co., which controls the Kmart and Sears chains, has posted a list of 79 stores that will be shuttered after a disappointing holiday season.
The list of 38 Kmart and 41 Sears shops is not yet complete. Sears said that it plans to close between 100 and 120 stores in total.
Three California Sears stores are headed for closure, including two in San Diego and one in El Monte. No Kmart stores in the state were listed.
The store closings are part of a new strategy the company announced Tuesday of redirecting resources to profitable stores and away from underperforming stores.
"While our past practice has been to keep marginally performing stores open while we worked to improve their performance, we no longer believe that to be the appropriate action in this environment," the company said in a statement.
Retail analysts believe that the company, which has suffered more than four years of sales declines, may be headed to bankruptcy unless it takes drastic action to upgrade its stores and revamp its merchandise.
[Updated 1:52 p.m.: A list of store closings can be found here.]
-- Shan Li
Photo: A couple walks into a Sears store on in Milford, Conn. Credit: Spencer Platt / Getty Images