— -- Macy's and Sears, two of the country's most iconic department stores, today announced massive cutbacks that will lead to the closure of hundreds of locations and cutting thousands of jobs.
Sears announced it is shuttering 150 of its stores, including 108 Kmarts. The company did not release how many workers would be laid off but reported that holiday sales were down 12 percent this year.
The company also sold its Craftsman tools business for $900 million to help pay off mounting debt.
Sears is not alone. Macy's also plans to close 68 stores, cutting 6,200 jobs, according to the company.
"So many people are shopping online, mobile. Why would you go to a department store?" said Ashley Lutz, deputy editor of the Business Insider. "The years of the fancy department store is over. ... This is really just the beginning."
Sears and Macy's representatives said that the savings from the cuts would go to helping to boost online sales.