Sears Closing More than 100 Stores

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The Christmas shopping season wasn't good enough for Sears.

It announced today it will close between 100 and 120 Sears and Kmart stores.

Sales dropped more than 5 percent at the chains. The company says the closings will generate $140 to $170 million.

Kmart's declining sales were blamed on diminished layaways and a drop in clothing sales.

The Sears brand was hurt by lackluster home appliance sales and other big-ticket items.

It was not announced how many people will lost their jobs.

Sears has more than 4,000 stores in the U.S. and Canada.

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