Transform Holdco, the owner of Sears and Kmart locations, has announced plans to shutter nearly one-third of its remaining locations, according to a report from The Washington Post.
In all, 96 locations will close, leaving the once-venerable retail chain with just 182 stores.
In a statement, Transform Holdco says it “has faced a difficult retail environment and other challenges” and is “pruning operations that have struggled due to increased competition and other factors.”
In addition, Transform Holdco is receiving $250 million of new capital from its owners and a third party, including former Sears CEO Edward Lampert, the article states.
In February, Sears escaped liquidation when it emerged from bankruptcy proceedings with a new plan for growth.