Sears To Close More than 100 Stores

Declining revenues over the past several years and dismal holiday numbers led to an announcement this morning that Sears, which owns K-Mart, will close between 100 and 120 locations nationwide.

Sears hasn't revealed which locations it plans to close, but says it wants to focus on stores that are making money rather than propping up ones that aren't.

The company has two locations in Gaithersburg—a department store at and a in the Kentlands.

"Since 2004 Sears Holdings — which operates both Kmart and Sears stores — has watched its cash and short-term investments go from about $2.09 billion for the year ended Jan. 31, 2004 to $1.34 billion for the year ended Jan. 31, 2011, according to FactSet. The figure now stands at about $700 million," the Washington Post reports.

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