Iconic Retailers Macy's, Sears and Kmart to Make Major Cuts

Some of the country's most familiar stores will be closing hundreds of locations and cutting thousands of jobs.
1:26 | 01/06/17

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

Comments
Related Extras
Related Videos
Video Transcript
Transcript for Iconic Retailers Macy's, Sears and Kmart to Make Major Cuts
Back here at home tonight, and to your money. Some of the country's most familiar stores closing hundreds of locations and cutting thousands of jobs tonight. Take a look at the map. Sears shutting down 150 of their stores, and k-mart anywhere where there is a logo, and Macy's is shutting dozens of their department stores. Tonight, ABC's Eva pilgrim is the reasons why. ??? Reporter: Tonight, massive cutbacks for two of America's iconic department stores. Sears part of the American fabric for decades. Sears, where America shops. Reporter: Those holiday wish books, a family favorite. Tonight, sears closing 150 stores, 108 of them k-marts. There will be layoffs, but the company's not releasing those numbers. Sears also selling their craftsman tool business for $900 million to help pay off mounting debt. Macy's getting hit too, shutting 68 stores, 6,200 jobs gone. We're definitely going to see more stores close. This is just the beginning. Reporter: Sears reporting holiday sales down 12% this year. While overall internet sales are booming. $91 billion in profits this season, up 11%. TAFD, both sears and Macy's reps say the savings will go to help online sales. Macy's is planning to add an additional 50 discount stores. David. Eva, thanks. We turn next here to the

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

{"duration":"1:26","description":"Some of the country's most familiar stores will be closing hundreds of locations and cutting thousands of jobs.","mediaType":"default","section":"ABCNews/WNT","id":"44586345","title":"Iconic Retailers Macy's, Sears and Kmart to Make Major Cuts","url":"/WNT/video/iconic-retailers-macys-sears-mart-make-major-cuts-44586345"}