Sears closings

Sears closings

Sears plans to close between 100 and 120 stores in the U.S. after a disappointing sales in the Christmas season, has also announced that his actions caused to fall by around 25% in the New York Stock Exchange.

The U.S. retailer estimated that comparable sales in the quarter ended December 25 fell by 5.2% compared with the same period last year, while in the full year fell by 2.6% .

With the closing of 120 stores of its Kmart and Sears brands, which have not yet been identified, the company expects to generate between 140 and 170 million dollars between 107 and 130 million euros of cash with the sale of net asset these stores and expects to generate additional cash benefits from its sale or lease.

In the statement, the group reported that the decline in sales in the two chains of the group mainly reflects the drop in demand for consumer electronic products, appliances and clothing.

In addition, Adjusted EBITDA advanced for the fourth quarter will be less than half that amount last year, when it reached $ 933 million (713 million euros).

Following this announcement, shares of the U.S. chain of department stores have come to fall to 25.6% in the New York Stock Exchange, to $ 34.11, compared with $ 45.85 in which closed previous session.

Sears closings