Last month I posted a blog about Sears back-to-school sales being down for 2011. Sears had recently announced their sales decreased by over $20 million during the back-to-school quarter, in comparison to their previous year. In a recent press release, the company noted they were "not pleased with our results this quarter and have significant work ahead of us."
It comes as no surprise that Sears announced this week the closing of 100 - 120 stores for 2012 in hopes of generating anywhere from $140 – 170 million in much-needed cash. A list of over 70 stores was released this past week with more store locations to follow in later weeks.
This strategic move by Sears is thought to help shift the company focus onto more profitably stores, allowing the company to compete with a more clear market approach. Critics are speculating that poor service is a contributing factor to the stores deteriorating performance.