Hot on the heels of a $15 million tax break from Gov. Pat Quinn and the Illinois General Assembly, Sears Holding Corp. announced
that they will close up to 120 Sears and Kmart stores nationally due to
lousy holiday sales. Sears CEO and President Lou D'Ambrosio told
employees that the company has not, "generated the results we were
seeking during the holiday." Sears has not indicated what stores will
close or how many employees will be laid off.
The state
government gave Sears the tax break in exchange for a promise to keep
their corporate headquarters in Hoffman Estates, Illinois -- and not
flee for a state with lower corporate taxes. Quinn said yesterday that
Sears' announcement should not affect the state's deal with the
retailer.
Sources
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