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According to an article in the Chicago Tribune, the closing of 43 Sears hometown dealer stores and 10 Sears Hardware stores are planned for the first half of 2012.
The latest revelation on Sears' plans to cut its expenses and transform its business came from its annual report, which was released late Wednesday.
In a filing, Sears said: “We will continue to invest in our online properties. By integrating our vast store network with our online properties, we believe that Sears Holdings will succeed in the rapidly evolving retail environment. The Web and mobile platforms integrate shopping and marketing in a very different way than stores and traditional media have in the past.”
At the end of 2011, Sears has 2,172 Kmart and domestic full-line stores and 1,338 specialty retail stores in the United States operating through Kmart and Sears, and 500 full-line and specialty retail stores in Canada operating through Sears Canada, a 95%-owned subsidiary. The company said it plans to close 173 stores and change the format of eight stores in the first half of 2012.