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Photo: Roberto Machado Noa / LightRocket via Getty Images

Sears Holdings told employees Thursday that it will be closing another 100 stores this year, per Retail Dive. 64 Kmart stores and 39 Sears stores are expected to close between early March and April.

Why it matters: In the 1960s, Sears' sales accounted for roughly 1% of U.S. GDP. Nearly 60 years later, America's once-quintessential big-box department store has a much darker future, as it has become one of the most obvious victims to the battle between traditional retail and the rise of e-commerce giants like Amazon.

Details of the closures: Liquidation sales will begin as early as Jan. 12, Sears said in a statement. The company did not specify how many employees will be impacted, but said the majority of jobs being eliminated are part-time positions. Eligible employees will receive severance.

The backdrop: In October the company closed 63 Sears and Kmart stores, making for a total of roughly 400 closures in 2017.

Go deeper

Shooting at Michigan high school leaves 3 dead, 6 wounded

Screengrab: CBSN

Three people dead and six others are wounded after a shooting at a high school in Michigan according to the Oakland County Sheriff's Office.

Driving the news: The alleged shooter was a 15-year-old sophomore at Oxford High School and has been arrested, per police.

Fed signals it could yank economic support quicker as inflation sticks around

Federal Reserve chairman Jerome Powell testifies during a hearing before Senate Banking, Housing and Urban Affairs Committee today. Photo: Alex Wong/Getty Images

The Federal Reserve will consider pulling back economic support sooner "as the threat of persistently high inflation has grown," chair Jerome Powell said during a congressional hearing on Tuesday.

Why it matters: This is the biggest signal yet the Fed is backing away from its stance that soaring prices would be fleeting — a change that could shift its policies that underpin the economy.

Felix Salmon, author of Capital
Updated 4 hours ago - Economy & Business

Crypto meets the real world

Illustration: Megan Robinson/Axios

The two largest countries in the world seem intent on effectively banning their citizens from participating in crypto, which poses a serious threat to the crypto agenda.

Why it matters: The crypto world is global — but the real world is fragmented into nation-states, each of which claims control of what happens within its borders.

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