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Sears Closing 43 Dealer Stores

Hoffman Estates, Ill. – Sears Holdings will close 43 of its
independently owned Hometown stores during the first half of the year.

The closures, which were disclosed in a 10-K filing yesterday,
follow the company’s announced plans to shutter upwards of 120 Sears and Kmart
stores, sell 11 Sears locations and spin off its Hometown, outlet and select
hardware specialty stores.

Sears operates 986 Hometown stores, which are usually
independently owned and located in smaller communities. The stores average
8,500 square feet in size and carry major appliances, consumer electronics,
lawn and garden equipment, and hardware, including the company’s private-label
Kenmore, Craftsman and DieHard brands.

In addition, Sears plans to shut 10 of its 96 neighborhood
hardware stores and will convert eight of its Sears Essentials and Sears Grand
locations to Kmart stores. The Essential and Grand formats are freestanding
full-line Sears stores that, unlike the typical mall-based Sears, also carry health
and beauty products, pantry goods, household products and toys.