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Sears owner provides $ 250 million in new capital, but 96 more stores to close



The owner of Sears Transformco announced Thursday that it received $ 250 million in new capital, money intended to support the company's turnover after receiving substantially all of the assets of Sears Holding Company during the bankruptcy proceedings earlier this year. But the company still says it will be forced to close 96 more Sears and Kmart stores in 30 states by February 2020, a trend that has been accelerating for months.

Following the closure, the company will operate only 182 stores, down from nearly 700 at the bankruptcy filing last October.

"We will continue to evaluate our footprint on Sears and Kmart, in line with our overall retail and services strategy," Transformco said in a statement Thursday.

Earlier this year, the company closed or said it would close about 90 Sears and Kmart stores.
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For this latest round of closure, business sales expectations are expected to begin on December 2 . The company said Thursday that all eligible employees of the store will be offered the same number of weeks' compensation as employees before bankruptcy.

Sears and Kmart have been fighting in recent weeks to keep up with competition from Amazon ( AMZN ) as well as other fast-tracker cashiers technology, such as Walmart ( WMT ) .

The company recently acquired Sears Hometown – a network of self-owned and operated smaller stores that offer home products such as appliances, sports goods and tools – that they hope can help change their fortunes. If anything, Transformco said in a statement Thursday that it expects "significant returns on our extensive portfolio of property and rented real estate."


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