(RALEIGH) -- After some chilly sales during the holidays, Sears Holdings Corporation has announced plans to close between 100 and 120 Sears and K-Mart stores. North Carolina State University economist, Dr. Mike Walden, says the news is no big surprise, considering the economy.

"The consumer has not been spending at rates that we would typically see in an economic recovery, so retailers are struggling with that. And I think what Sears/Kmart saw was that sales were not there to justify the level of commitment they have in terms of number of stores."

The retailer has yet to announce which locations will close; Sears has over 4-thousand stores across the United States and Canada, including locations in Cary, Durham, Charlotte, Raleigh and Hickory. Doctor Walden says consumers are simply finding better options elsewhere.

"This is not going to mean there's a lack of places for people to shop, there obviously are. But I think this is a sign that that the weaker links in the retail chain are under stress right now as consumers continue to be very frugal."

Walden adds that the announcement by Sears Holdings Corp. continues a long line of bad news for the retailer.

"sears has been struggling, and I think what internally they planned to do in order to help make their decision -- whether to continue or scale back -- was look at what Christmas sales for them.  And [those sales] apparently were not at a level they considered necessary to keep the stores they have."

The news means Sears and K-Mart could wind up like Woolworth's did in the 90s.

"I don't know that there's anything can be done to reverse this. I think wer're certainly going to see, for this retailer, a smaller presence in the retail market. This happens all the time."

Shares of Sears stock dipped to their lowest point in more than three years at $36.51 during the first few minutes of trading on Tuesday morning. Sears would not discuss how many jobs, if any, would be cut.