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Sears Plans to Close 96 Stores

Transform Holdco, the owner of Sears and Kmart locations, has announced plans to shutter nearly one-third of its remaining locations, according to a report from The Washington Post.

In all, 96 locations will close, leaving the once-venerable retail chain with just 182 stores.

In a statement, Transform Holdco says it “has faced a difficult retail environment and other challenges” and is “pruning operations that have struggled due to increased competition and other factors.”

In addition, Transform Holdco is receiving $250 million of new capital from its owners and a third party, including former Sears CEO Edward Lampert, the article states.

In February, Sears escaped liquidation when it emerged from bankruptcy proceedings with a new plan for growth.

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