Wednesday, 03 June, 2020

Sears to close 96 stores, including 3 South Florida locations

Exclusive Sears says it has secured a $250 million lifeline will close 96 stores Dismantled sign sits leaning outside a Sears department store in NanuetMore
Ginger Lawrence | 10 November, 2019, 16:56

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.

"To support these initiatives, our owners (along with a third-party investor) have recently provided the company approximately $250 million in new capital", released Transformco in a media release.

Lampert combined Sears and rival chain Kmart more than 15 years ago, heralding the formation of a retailer with $55 billion in annual sales, but the company lost money nearly every year over the past decade in the face of competition from the likes of e-commerce giant Amazon.com Inc AMZN.O .

Sears also owns Kmart discount stores, 45 of which will shutter during the December closings, one of the people said.

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Following the closures, there will be just 182 Sears/Kmart stores in operation, down from 425 locations as of February, when Lampert rescued Sears from bankruptcy proceedings in a $5.2B deal. This announcement comes less than a year after more than 200 Sears and Kmart locations closed.

According to The Buffalo News, it will be the last time the Western New York area will be without a Sears store in 90 years.

Sears in Chula Vista will shut down by February 2020, the chain's parent company said Thursday. If nothing else, Transformco said in its Thursday statement it expects to "realize a significant return on our extensive portfolio of owned and leased real estate".

A representative from the company didn't respond to a request for comment on the potential divestitures.