Sears and Kmart have closed more than 3,500 stores and cut about 250,000 jobs over the last 15 years.
The company that owns Sears and Kmart plans to close more than one-third of its remaining large-format stores as the beleaguered chains continue their contraction less than a year after they survived bankruptcy.
Transformco, which acquired the retailers out of bankruptcy, is set to shutter 51 Sears stores and 45 Kmart locations in the latest round of closures.
The closings will leave the company with 182 stores remaining, compared with 864 at also-struggling rival J.C. Penney as of February.
Sears and Kmart have closed more than 3,500 stores and cut about 250,000 jobs over the last 15 years.
The company said Thursday that it lined up $250 million in fresh financing as a lifeline while it pursues a sustainable business.
The retailers have been ailing for years, battered by digital competition, the decline of foot traffic and a lack of innovation in stores.
Their previous parent company filed for Chapter…
View original post 145 more words
