Kmart and Sears locations closing nationwide, 3 of which are in Ohio

Marco Green
November 8, 2019

Sears owner Transformco announced Thursday it has obtained $250 million in new capital, money meant to help fuel the company's turnaround after it obtained essentially all of Sears Holding Company's assets during its bankruptcy proceedings earlier this year.

The new loan, put together in recent weeks, increases by roughly $100 million the $150 million of financing that Sears raised several weeks ago, said people familiar with the transaction, who were not authorized to discuss publicly some aspects of the deal.

Among the locations include the Kmart located at 3800 Oakwood Blvd in Hollywood, the Sears at 1625 W 49th St in Hialeah and the Sears at 20701 SW 112th Ave in Cutler Bay.

The Sears stores in Auburn and Leominster and Kmarts in Acton and Billerica will close this winter, according to a news release issued Thursday by their parent company.

The company last month closed its only other remaining Western Massachusetts Kmart, a store in Palmer.

The footprint of Sears and Kmart will further shrink by one third with this round of closures, leaving fewer than 200 total locations nationally between the two brands. Hedge-fund Cyrus Capital Partners LP is among the other lenders, Reuters has previously reported. Lampert is chairman of the company. Since then, Transformco has faced a hard retail environment, along with other challenges, the company said in a press release Thursday. That left Sears faced with the choice of raising additional money or potentially closing even more stores, they said.

Other reports by Click Lancashire

Discuss This Article