The day after the third busiest shopping day of the year, Sears announced it would be closing between 100 and 120 and stores nationwide to prop up its bottom line.
Sears Holding Company announced that because of the company's disappointing financial performance in 2011 and lackluster Christmas season sales, it would be "implement a series of actions to reduce on-going expenses," which include the store closings.
The company did not say how many jobs would be affected, or which stores would be closed. A list of closed stores will be posted on the Sears website, the store said in a statement.
"We expect these store closures to generate $140 to $170 million of cash as the net inventory in these stores is sold and we expect to generate additional cash proceeds from the sale or sublease of the related real estate," Sears Holding Company said in a statement.
Excess inventory will also be clearance, and Sears said that they will keep tight controls over future inventory to avoid similar issues.
The store closings that will be announced won't be the end, the company's management said. It has been Sear's policy to support underperforming store, but it's not a feasible policy in this financial environment.
The company said they'll be diverting resources to their fiscally sound stores in the future. "We intend to accentuate our focus and resources to our better performing stores with the goal of converting their customer experience into a world-class integrated retail experience," the company said in a statement.
There is a store in Woodbridge Center, and a store in Avenel.