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Home / Business / Sears owner gets $ 250 million lifeline to close another 96 stores

Sears owner gets $ 250 million lifeline to close another 96 stores



A customer enters a Sears Holdings Corp. store in San Bruno, California, USA, Friday 28. December 2018.

David Paul Morris | Bloomberg | Getty Images

As the holidays approach, Sears and Kmart's parent company has secured a $ 250 million lifeline and announced Thursday's plans to close 96 more stores.

It will leave the business with 182 locations. The financing came from lenders that include owner Eddie Lampert.

Transformco added that it is taking steps to focus on "competitive forces." But it faces "a difficult retail environment and other challenges."

When Lampert bought Sears out of bankruptcy court for $ 5.2 billion earlier this year, he purchased 425 Sears and Kmart locations. He argued at the time that his offer was the best option for keeping stores open and saving thousands of jobs.

The announced closures and need for financing show that the Sears brand continues to struggle to win buyers, despite Sears Holdings going bankrupt and restructuring. Sears was once one of the largest retailers in America. But Sears & # 39; s most profitable year was 201

0.

Here is a complete list of the closing stores.

Transformco said that business sales will begin December 2. 96 stores will close by February.

"We will continue to evaluate our Sears and Kmart footprint in accordance with our overall retail and service strategy," the company said.

Transformco added that it still expects to "realize a significant return on our extensive portfolio of owned and leased real estate," which includes the logistics business of Innovel, Sears Home Services, the Shop Your Way membership program, Kenmore and DieHard.

It was reported last month that Sears was exploring potential asset sales, including its DieHard brand.

A company representative did not respond to a request for comment on potential divestments.

The company recently concluded an agreement to purchase Sears Hometown and approximately 414 of these stores. Following the recent closures announced, the combined retailer will have around 600 locations across the country.


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