Sears owner gets $250 million lifeline, says it will shut 96 more stores—Here’s where they are.
It will leave the business with 182 locations.A customer enters a Sears Holdings Corp. store in San Bruno, California, U.S., on Friday, Dec. 28, 2018.As the holiday season approaches, the parent company of Sears and Kmart has secured a $250 million lifeline and announced plans on Thursday to shut 96 more stores.
Transformco added it is taking the steps to focus on its "competitive strengths." But it faces "a difficult retail environment and other challenges." The announced closures and needed financing show that the Sears brand continues to struggle to win back shoppers, despite Sears Holdings filing for bankruptcy and restructuring. Sears was once one of the biggest retailers in America. But Sears' last profitable year was 2010.
"We will continue to evaluate our Sears and Kmart footprint, consistent with our overall retail and service strategy," the company said.
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