NEW YORK (
) -- Florida is getting hit the hardest by
the first round of store closures
on Friday with 11 company locations being shut down in the Sunshine State.
Ohio, Georgia and Michigan each have six stores closing. Dates for the closures were not announced.
By type of store, 27 Sears locations, including two hardline-only stores, are being closed, along with 38 Kmarts and 14 Grand/Essentials stores.
The company announced on Dec. 27 that it plans to close between 100 and 120 stores after
"Given our performance and the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce on-going expenses, adjust our asset base, and accelerate the transformation of our business model," said Chief Executive Officer Lou D'Ambrosio in a statement earlier this week.
Regarding how many people will potentially lose their jobs from these store closures, Sears said employment depends on the type and format of each facility but that each store typically has between 40 and 80 associates.
Shares of Sears were off 2% in premarket trading Friday to $32.26. The stock has plummeted more than 25% in the past five days.
Written by Alexandra Zendrian in New York
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