Sears Store Closings: What Went Wrong?

Iconic American brand misses out on holiday consumer spending.
3:00 | 12/27/11

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Transcript for Sears Store Closings: What Went Wrong?
But one iconic American brand missed out on the surge of holiday spirit -- -- announcing today. It will close more than 100 stores so what went wrong with the brand that used to stretch across America. Here's ABC's Chris period. Sears wants the top name in American -- now is struggling to survive. After shoppers -- -- this holiday season is -- not the cool place to shop anymore. It's definitely not as cool as it used to be and it's definitely looking a little more drab that -- look. -- just didn't keep up appearances analysts say its stores too often -- G. As competitors such as target and Wal-Mart stepped up their looks and drop their prices. I don't think that line is place. Shattering stories will add up to 170. Million dollars in cash to the bottom line. Hiring the -- -- sheet and hood cranked up the cool. But is it too late. For decades Sears was the place America -- But its iconic big book catalog killed off by the Internet now its core customers are the cash strapped middle class. I think the recession has definitely hit all -- end retailers harder than the high end. Illinois officials say they are outraged -- betrayed by the decision to close so many stories. Two weeks ago they gave Sears a 150. Million dollar tax break to keep its headquarters here. I question is -- they were to do these closings they should have told us at a time but today Sears was not explaining its decision or even saying how many jobs it would cut. Our retail giant shrinking to survive. Chris theory ABC news Chicago.

This transcript has been automatically generated and may not be 100% accurate.

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