Sears Secures $250 Million Lifeline, Will Close 96 More Stores

Galtero Lara
Noviembre 8, 2019

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.

Two more Northeastern Pennsylvania Kmart stores are slated to close, the chain's parent company announced Thursday.

The company says 182 of the stores will remain open. Existing Kmarts in Chambersburg and Elizabethtown are already in going-out-of-business sales, as part of an earlier round of closures. That's down from roughly 425 locations earlier this year, and from as many as 2,500 stores when Sears and Kmart first merged in 2005. Store-closing sales will start on December 2, with the locations expected to go dark by February.

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The list of closed stores in this round includes the Sears in Joplin, Mo. The company said Thursday all eligible store workers will be offered the same number of weeks of severance as offered to employees prior to the bankruptcy filing.

"We will continue to evaluate our Sears and Kmart footprint, consistent with our overall retail and service strategy", the company's release added.

The company recently acquired Sears Hometown - a network of independently owned and operated, smaller stores that offer home products such as appliances, sporting goods and tools - that it hopes could help change its fortunes. Since then, Transformco has faced a hard retail environment, along with other challenges, the company said in a press release Thursday.

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