More than 100 Sears and Kmart stores are targeted for closure after poor sales during the holiday season, but so far none of those closures will happen in Las Vegas, according to a list released by Sears Holding Corp. Thursday.
The company announced plans Tuesday to shutter between 100 and 120 stores, and on Thursday released an initial list of 79 stores that will be closed.
No stores from Nevada were on the list, nor were there any planned closures in Arizona or Utah. Three stores in California have been targeted, according to the list released by Sears Holding.
No official closure dates have been set. A typical store on the list employs between 40 and 80 people, the company said.
The closings are the latest and most visible in a long series of moves to try to fix a retailer that has struggled with falling sales and shabby stores.
Sears Holding has more than 4,000 stores in the U.S. and Canada. The company's revenue at stores open at least a year fell 5.2 percent to date for the quarter at both Sears and Kmart, the company said Tuesday. That includes the critical holiday shopping period.
Sears Holdings said the declining sales, ongoing pressure on profit margins and rising expenses pulled its adjusted earnings lower. The company predicts fourth-quarter adjusted earnings will be less than half the $933 million it reported for the same quarter last year.
The company also anticipates a non-cash charge of $1.6 billion to $1.8 billion in the quarter to write off the value of carried-over tax deductions it now doesn't expect to be profitable enough to use.
Sears Holdings Corp., based in Hoffman Estates, Ill., said that the store closings will generate $140 to $170 million in cash from inventory sales. The retailer expects the sale or sublease of real estate holdings to add more cash.