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Sears to close 100 to 120 stores.
Sears Holdings announced that it would close 100 to 120 of its Sears and Kmart stores in a bid to shore up finances. New sales data show that Sears Holdings stumbled during the all-important holiday shopping period. Comparable-store sales were down 4.4% for Kmart and 6% for Sears for the eight-week period ended on Christmas Day, the company said.
This is bad all the way through. While Puerto Rico's stores usually out-perform most state-side stores in square foot comparisons, it's hard to imagine that we'll slide through without losing a few stores throughout the island.
Retail is a major jobs provider on the island and any reduction in stores means more unemployment and it's sad to say, but probably more people giving up on legitimate income sources.
Another sector that might be hit by this news are shopping mall management companies. Kmart and Sears are usually anchor stores for many malls. If some of those stores close, they'll create huge vacancies. Who might we be able to attract to fill them?