November 8, 2019
The parent company of Hoffman Estates, IL-based Sears said Thursday it would close more than one-third of its remaining stores, reducing the count to 182. Going-out-of-business sales at the 96 Sears and Kmart locations slated to close are expected to begin Dec. 2.
Since acquiring Sears Holdings Corporation out of bankruptcy this past February, the parent company, an entity known as Transform Holdco, “has faced a difficult retail environment and other challenges,” according to a release. The company has lined up approximately $250 million in new capital.
“We will continue to evaluate our Sears and Kmart footprint, consistent with our overall retail and service strategy,” the release states. “We will endeavor to create and deliver value through a strategic combination of our better-performing retail stores and our service businesses, brands and other assets, and expect to realize a significant return on our extensive portfolio of owned and leased real estate.”
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