New Owners Closing Almost 100 Sears/K-Mart Stores
Note: Stores closing between December 2019 and February 2020 are not located in Alabama, Tennessee, or Mississippi.
Since purchasing substantially all the assets of Sears Holdings Corporation in February 2019, Transformco has faced a difficult retail environment and other challenges. 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. To support these initiatives, our owners (along with a third-party investor) have recently provided the company approximately $250 million in new capital.
As part of this process, we have made the difficult but necessary decision to streamline our operations and close 96 Sears and Kmart stores. Going out of business sales at these stores are expected to begin on December 2. Following these closures, Transformco will operate 182 stores. We will continue to evaluate our Sears and Kmart footprint, consistent with our overall retail and service strategy.
We will endeavor to create and deliver value through a strategic combination of our betterperforming retail stores and our service businesses, brands and other assets, and expect to realize a significant return on our extensive portfolio of owned and leased real estate. These assets include Innovel, which provides logistics solutions to businesses and consumers, Sears Home Services as well as Shop Your Way® and financial services, and our Kenmore® and DieHard brands. These businesses will also benefit from the recent acquisition by an affiliate of Transformco of Sears Hometown – a network of more than 400 independently-owned and operated, dealer-managed smaller-format stores that are known for offering customers a range of home products, including appliances, lawn & garden, tools and sporting goods.
Members can use the store locator function on our website to find the location of their nearest Kmart and Sears stores. We also encourage members to shop at Sears.com and Kmart.com.