NEW YORK - December 27, 2011 - Sears Holdings Corp. plans to close 100-120 Sears and Kmart stores after poor sales during the holidays, the most crucial time of the year for retailers.

The closings are the latest and most visible in a long series of moves to try to fix a retailer that has struggled with falling sales and shabby stores.

In an internal memo Tuesday to employees, CEO and President Lou D'Ambrosio said that the retailer had not "generated the results we were seeking during the holiday."

Sears Holdings Corp. said it has yet to determine which stores will close but said it will post the information [LINK: www.searsmedia.com} when a final list is compiled. Sears would not discuss how many, if any, jobs would be cut.

The company has more than 4,000 stores in the U.S. and Canada. Its stock value dropped $8.67, or 18.9%, to $37.18 in morning trading. Shares dipped to their lowest point in more than three years at $36.51 during the first few minutes of trading.

The company's revenue at stores open at least a year fell 5.2% to date for the quarter at both Sears and Kmart, the company said Tuesday. That includes the critical holiday shopping period.