Retail

Sears owner gets $250 million lifeline, to shut another 96 stores

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A customer enters a Sears Holdings Corp. store in San Bruno, California, U.S., on Friday, Dec. 28, 2018.

David Paul Morris | Bloomberg | Getty Images

As the holiday season approaches, the parent company of Sears and Kmart has secured a $250 million lifeline and announced plans on Thursday to shut 96 more stores.

That will leave the business with 182 locations. The financing came from lenders that include owner Eddie Lampert.

Transformco added it is taking the steps to focus on its “competitive strengths.” But it faces “a difficult retail environment and other challenges.”

When Lampert bought Sears out of bankruptcy court for $5.2 billion earlier this year, he acquired 425 Sears and Kmart…



Source cnbc.com

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