November 2019

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'