In another nightmare for people who have been counting on Sears, the company has laid off 250 employees in the corporate headquarters. This happened last week, at the Hoffman Estates, Illinois, and the company is also looking forward to closing dozens of more stores this year. This means by the end of 2019, there will be fewer Sears and Kmart stores in the country. It is very clear that the escape from the bankruptcy was not the healthiest decision for the growth of Sears.
Transform Holdco, the company that owns Sears at this point, had made the official filing for the lay-offs to the Illinois Department of Commerce and Economic Opportunity. The parent company, however, has not commented on the issue so far. On the side of employees, however, the laying off of 250 employees has been executed already. According to the sources made available to Business Insider, Transform Holdco has no other plans for the month of October.
However, the case of store closures is something else. Since Sears was rescued from bankruptcy in the last February, the parent company has been closing a notable number of Kmart and Sears stores across the US. Even now, the parent company has not revealed the exact number of door closures, but, instead says that people would be notified through local media if a nearby store is getting closed. This surely hints at the fact that we will be seeing fewer Kmart stores in the future.
“As we continue our transformation efforts, we are working closely with our stakeholders, and evaluating our network of stores, operations, and business strategy in order to stabilize the business and support a long-term path to profitable success,” the company was quoted saying by Business Insider, which also learned that Holdco is closing no less than 60 stores across the country.
Taylor is the senior news reporter at Honest Newsly. Formerly, he worked with Western Mass News and Meredith COrporation as the senior news reporter.