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Sears Holdings Corp Closing Down 26 Stores This Week

Transform Holdco, a group put together back in January meant to purchase out the rest of Sears Holding Corp., a space going bankrupt, plans to commence its “liquidation sales” later this week, reports MarketWatch. According to the publication, they’ll be doing so in around 26 storefronts that will be closing down this October. The group closing will consist of 21 Sears stores spread across 15 states alongside 5 Kmart buildings within Puerto Rico and 3 other states.

In a statement, the company claimed the following:

“After careful review of where we are today, we believe the right course for the company is to accelerate the expansion of our smaller store formats which includes opening additional Home & Life stores and adding several hundred Sears Hometown stores after the Sears Hometown and Outlet transaction closes. Following these steps, we will continue to evaluate our network of Sears and Kmart stores and cannot rule out additional store closures in the near term.”

The group had meant to buy all of Sears Hometown & Outlet Store stock that Sears Chief Executive Eddie Lampert and his hedge fund, ESL Investments Inc., already didn’t.

As the publication reports, Sears stock had gone bankrupt in October 2018. Then, the prices fell 36.6% “year to date through Thursday” on top of a 68.2% drop over the past year alone. MarketWatch also notes that Sears Auto Centers attached to these spaces will close down later this month.

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