Sears Holdings Corp. said it plans to close 53 specialty stores in the first half of 2012.
The closures include 43 Sears hometown dealer stores and 10 Sears Hardware stores, the company said. Hometown stores are small hardware stores, usually operated by independent dealers in rural areas. Sears Hardware stores are larger, corporate-owned outposts that carry Craftsman tools, DieHard car batteries and a limited selection of Kenmore appliances.
The closures follow Sears' plan, announced in late December, to close as many as 120 poor-performing Sears and Kmart stores and a plan, disclosed in February, to close all nine of its Great Indoors stores.
The latest round of store closings follows Sears' decision last month to spin off its hometown dealer stores and Sears outlets in a bid to raise cash to shore up its money-losing retail business. Sears said it expects the spinoff to generate $400 million to $500 million.