Kmart and Sears closing will effect 120 stores nationwide. But these Sears closings might not save the company, says one analyst.
Sonny Hedgecock - The HIgh Point Enterprise/AP
"I don't know how they're going to turn it around," he said Tuesday. "This was a company making $3.6 billion in Ebitda four years ago," compared to $400 million this year "at a time when others are turning things around."
Balter, with a $20 price target and "underperform" rating on the stock, said Sears has been losing market share to Home Depot and Lowe's on sales of power tools, and Wal-Mart and Target on drawing shoppers seeking discounts.