Sears Projects Decline In Q4 EBITDA, To Close Up To 120 Stores

Sears Holdings Inc

announced its plans to close 100 to 120 Sears and Kmart stores. Sears projects Q4 adjusted earnings before interest, taxes, depreciation and amortization to drop by more than half, versus $933 million in the year-ago period. Sears' comparable sales for the quarter declined 5.2%. For the first eight weeks of the quarter, Kmart's same-store sales dipped 4.4% and Sears domestic's sales fell 6%. Sears shares gained 0.07% to close at $45.85 on Friday.