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Home / Business / Sears owner secures $ 250 million in new capital, but a further 96 stores will close

Sears owner secures $ 250 million in new capital, but a further 96 stores will close



Sears owner Transformco announced on Thursday that it has raised $ 250 million in new capital, money intended to help fuel the company's turnaround after essentially acquiring all Sears Holding Company assets during bankruptcy proceedings earlier this year. But the company still says it will be forced to hide another 96 Sears and Kmart stores in 30 states by February 2020, continuing a trend that has accelerated for months.

Following the closures, the company will operate just 182 stores, down from nearly 700 when it filed for bankruptcy in October last year.

"We will continue to evaluate our Sears and Kmart footprint in accordance with our overall retail and service strategy," Transformco said in a statement on Thursday.

Earlier this year, the company had closed or said it would close about 90 Sears and Kmart stores.
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For this latest round of closures, business sales are expected to begin on December 2. The company said on Thursday that all qualified shop workers will be offered the same number of weeks of severance pay that were offered to employees before the bankruptcy filing.

In recent weeks, Sears and Kmart have struggled to keep up with the competition from Amazon ( AMZN ) as well as other cashiers who are quick to apply technology, such as Walmart ( WMT ) .

The company recently purchased Sears Hometown – a network of independently owned and operated, smaller stores that offer home products such as appliances, sports equipment and tools – which it hopes can help change wealth. If nothing else, Transformco said in its statement Thursday that it expects to "realize a significant return on our extensive portfolio of owned and leased properties."


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