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.
Absolutely horrible customer service has contributed to this. This is not surprise.
Both Sears and Kmart had a long successful run. It’s a different generation and their names just got stale.
Just pull the plug already. Nobody trying to buy stuff there.
Sears treats its employees like dirt. Why the courts don't throw Lampert in jail is ridiculous. Further proof that rich people get away with murder.
Bad news..😢😢😢
I am afraid that Sears and K Mart will not survive 2020 😢
Amazon victims.
Why not consolidate and relaunch as a new band? It’s insane to continue operating as two old failing brands destined to eventually go under. I bet Jeff Bezos, at Amazon might be interested in a buyout. 😂
The store where I live is in the middle of closing; corners of the floor are devoid of product and fixtures as everything comes closer to the front. I wouldn't be surprised if they offed what's left of the company next year. The last 12 months have been the most frustrating.
Hate to hear this.
Anyone who has worked for a Sears in the last two decades will tell you they did this to themselves. Eddie gets his bonuses while the cash registers still run on an IBM DOS system. This was true even up to last year.
At same time dollar general has plans to open hundreds of new stores, this is not a sign of a healthy economy.
Why? Just finish it off. It was a good run. But its time to move on.
Online shopping has taken over
They really should give them all up.
Sad😢😠
I can understand K-Mart, but Sears? WOW.
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