by Apparel Resources News-Desk
08-November-2019 | 1 min read
The parent company of Sears and K Mart, Transformco Holdings is set to close down 96 stores of both chains by February 2020.
Notably, the liquidation sales of the stores will begin on 2 December.
The closing of these stores will bring down the store count to 182 in USA, which includes 51 Sears stores and 45 Kmart stores.
Sears, which was bought out of bankruptcy in February this year for US $ 5.2 billion, has secured a lifeline of US $ 250 million from lenders including owner and billionaire Eddie Lampert. He had acquired 425 stores of Sears in order to save jobs of thousands of employees.
The store closures will help mete out the mounting losses of the company.
“We will continue to evaluate our Sears and Kmart footprint, consistent with our overall retail and service strategy,” the company said.
Transformco added that it still expects “to realise a significant return on our extensive portfolio of owned and leased real estate,” which includes logistics business Innovel, Sears Home Services, the Shop Your Way membership programme, Kenmore and DieHard.
Sears was once one of the biggest retailers in USA but it was last profitable in 2010.
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