Hot on the heels of a $15 million tax break from Gov. Pat Quinn and the Illinois General Assembly, Sears Holding Corp. announced that they will close up to 120 Sears and Kmart stores nationally due to lousy holiday sales. Sears CEO and President Lou D'Ambrosio told employees that the company has not, "generated the results we were seeking during the holiday." Sears has not indicated what stores will close or how many employees will be laid off.

The state government gave Sears the tax break in exchange for a promise to keep their corporate headquarters in Hoffman Estates, Illinois -- and not flee for a state with lower corporate taxes. Quinn said yesterday that Sears' announcement should not affect the state's deal with the retailer.