| 17.4°C Dublin

Sears sees 27pc drop

US retail giant Sears recorded a 27pc free fall in shares after announcing plans to close up to 120 Sears and Kmart stores.

The department store group, which owns the two major retail chains, said falling sales were behind the cuts and the closures should raise up to $170m (€130m).

In the eight weeks to Christmas Day, sales at Kmart fell 4.4pc and by 6pc at Sears.