The company says that the store closings will generate $140 to $170 million in cash in inventory sales.
The retailer says that same-store revenue fell 5.2 percent to date for the quarter at both Sears and Kmart.
Sears cited lackluster consumer electronics and home appliance sales.
Retail analysts say rivals Target and Wal-Mart have spruced up their stores.
Sears is trying to attract younger, hip shoppers by adding the Kardashian collection. But for many shoppers, Sears isn't the first place they think of for a new dress. It's where they come to buy appliances and automotive tools.
"I know there's been at least more of a push for kind of name brands at Sears… but I know at least for myself that I don't really come here thinking that I'm going to shop for clothes," said Kenneth Quinto of Glendale.
The retailer has more than 4,000 stores in the U.S. and Canada.