Transformco to Close One-Third of
Sears and Kmart Stores.
In an announcement on Nov. 7,
Transformco detailed their continued
plans to downsize and “[prune] operations.” .
We have been working hard to position
Transformco for success by focusing on
our competitive strengths and pruning
operations that have struggled due to
increased competition and other factors, Transformco, via 'USA Today'.
The company, which owns both Sears and Kmart
first filed for bankruptcy in October of 2018. .
In this latest round of closures, 51 Sears stores
and 45 Kmart locations will be shuttered, leaving
the company with 182 remaining stores. .
Transformco also went forward with a number
of corporate layoffs, adding to the over 200,000
jobs the company has cut in the last 15 years. .
Combined with their recently-acquired funding amount
of $250 million, Transformco hopes these changes will
aid in their pursuit of a sustainable business model. .
We will endeavor to create and deliver value
through a strategic combination of our
better-performing retail stores and our service
businesses, brands and other assets .., Transformco, via 'USA Today'