Thanks to dismal Christmas sales, the company that owns both Sears and Kmart has decided to shut 100 to 120 stores nationwide. It's one of those tough business decisions that companies have to make all the time, but for some reason we can't help but see it as somewhat akin to Santa shooting the reindeer for going too slow. CNN has the depressing details: "Sears Holdings said sales at stores open at least a year, known as same-store sales, tumbled 5.2% in the eight weeks leading to Christmas Day. That came from a 4.4% drop in sales at Kmart stores and a 6% slide in sales at domestic Sears stores." To cut costs, they're going to start shuttering.
What makes the whole thing seem so depressing is that Sears Holdings apparently used to have a policy of mercy to its under-performing stores, but it's getting rid of that this season as well: "While our past practice has been to keep marginally performing stores open while we worked to improve their performance, we no longer believe that to be the appropriate action in this environment," CEO Lou D'Ambrosio told CNN.
This article is from the archive of our partner The Wire.
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