Sears Store Closings List: 96 More Sears, Kmart Stores Shut Down By 2020 – By Arthur Villasanta (IB Times) / Nov 7 2019
Transform Holdco LLC (Transformco), or the New Sears, on Thursday announced the closure of an additional 96 Sears and Kmart stores throughout the United States.
Transformco is a privately held company formed on Feb. 11, 2019 to acquire the assets of Sears Holdings Corporation, which went bankrupt on Oct. 15, 2018. The company is owned by ESL Investments, a hedge fund founded by Sears Holding’s former chairman and CEO, Eddie Lampert. It purchased all the assets owned by Sears Holdings for $5.2 billion in February 2019.
Of the 96 soon-to-be-closed stores, 51 will be Sears stores and 45 Kmart stores. They will all be closed by February 2020. The new round of closures will mean there will only be 182 Sears and Kmart stores left alive in the U.S.
Transformco said the liquidation or going-out-of-business sales of these stores will begin Dec. 2 after the Thanksgiving and Black Friday sales extravaganza. It said stores that were previously announced as closed won’t participate in the Thanksgiving and Black Friday sales.
Sears will assess a new $5 billion bid from Chairman Eddie Lampert against liquidators on Jan. 14 at a bankruptcy auction. A worker holds a sign announcing a store-closing sale outside the 60-year-old Sears store in the Galewood neighborhood on July 7, 2017 in Chicago, Illinois. Photo: Getty Images/Scott Olson