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article imageKmart and Sears closing additional stores by the end of the year

By Karen Graham     Sep 1, 2019 in Business
The list of Sears and Kmart stores closing is growing. In early August, the parent company announced that 21 Sears and five Kmart stores would be shuttered in October.
Losing an iconic retailer like Sears is akin to losing a member of the family, and with what has already gone on with Sears, you would think things couldn't get any worse. However, the deconstruction of the company has reached a particularly devastating phase.
A major vendor, who does not wish to be identified because they still do business with Sears, reported that buyers at the company said 80 percent of the workforce at Sears Hoffman Estates, Illinois corporate offices had been laid off the other day, according to Forbes.
Readers will remember that back in February, former Sears CEO Eddie Lampert struck a deal to buy Sears assets out of bankruptcy and keep about 400 stores open under a new entity, Transform Holdco, also known as Transformco.
In early August, Transformco announced the October closures of another 100 stores by the end of this year, with the company saying more closings were still a possibility, reports USA Today.
“Following these steps, we will continue to evaluate our network of Sears and Kmart stores and cannot rule out additional store closures in the near term,” the company's Aug. 6 statement said. “Our goal remains to return the company to profitability and preserve as many jobs as possible in the communities we serve.”
Now, in its latest statement, Transformco says it has "made necessary decision to close 26 large-format Sears and Kmart stores in late October through mid-November."
“As we continue our transformation efforts, we are working closely with our stakeholders, and evaluating our network of stores, operations and business strategy in order to stabilize the business and support a long-term path to profitable success,” Transformco said in the statement.
More about closings, sears, Kmart, headquarters layoffs, TransformCo
 
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