Sears and Kmart to axe 120 stores

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Source: BBC

Sears and Kmart announced they plan to close down about 120 stores due to the low amount of sales. In pre-Christmas period the sales of Kmart and Sears dropped by 4.4% and 6% respectively. The closures of 120 stores will help raise additional $170m. Following the announcement, the shares of Kmart lost 27%.

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