Sears to close stores in cost-cutting move

Sears Holdings Corp. announced it would close an undisclosed number of Sears and Kmart stores in various cities in the U.S.

"It is a very small percentage of our overall number of stores," said company spokesman Howard Riefs.

As of October, the holding company had 952 Kmart stores and 735 Sears stores. The closures would primarily be Kmart stores, according to Riefs.

Last month, the company reported sluggish apparel sales in reporting sales at stores open more than a year dropped by 9.6 percent at Sears and 7.5 percent at Kmart in its fiscal third quarter.

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