Deals
Sears to Close 96 More Stores Citing ‘Difficult' Environment
- The chain will lose a third of its remaining outlets
- Lenders include Lampert provide $250 million of fresh cash
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The owner of Sears and Kmart is closing almost a third of its remaining stores just months after buying the struggling retailer out of bankruptcy.
Transform Holdco LLC’s shutdown of 96 locations will leave just 182 outlets for the company, which was once America’s biggest department store chain. The merchant “has faced a difficult retail environment and other challenges” and is “pruning operations that have struggled due to increased competition and other factors,” Transform said in an emailed statement late Thursday.