Sears and Kmart will close a third of their remaining stores as their decline continues
Nathan Bomey and Kelly TykoThe company that owns Sears and Kmart plans to close more than one-third of its remaining large-format stores as the beleaguered chains continue their contraction less than a year after they survived bankruptcy.
That will leave the company with 182 stores remaining, compared with 864 at rival J.C. Penney, which is also struggling. The company said Thursday that it lined up $250 million in fresh financing as a lifeline while it pursues a sustainable business. ESL and"a third-party investor" contributed the new financing, which Transformco said would support the company's plans.Transformco, legally known as Transform Holdco, said Thursday it"has faced a difficult retail environment and other challenges" since that the bankruptcy concluded.
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