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.
For this latest round of closures, going out of business sales are expected to begin on December 2. Two of them apparently will be in Holyoke.
In addition to Wilkes-Barre Township and Berwick, the compant plans to close three other Pennsylvania Kmart stores - in Ephrata, Lebanon and Williamsport - as well as Sears stores in North Wales and Whitehall. This announcement comes less than a year after more than 200 Sears and Kmart locations closed.
The financing and additional store closures reflect the continued difficulties Lampert has had in his attempt to return Sears to its glory days, when it was among the largest retailers and owned the tallest building in the world.
The full list of closing stores is here. "These businesses will also benefit from the recent acquisition by an affiliate of Transformco of Sears Hometown - a network of more than 400 independently-owned and operated, dealer-managed smaller-format stores that are known for offering customers a range of home products, including appliances, lawn & garden, tools and sporting goods", Transformco officials said in a statement.
"We will continue to evaluate our Sears and Kmart footprint, consistent with our overall retail and service strategy", the company's release added.
The announcement does not impact the almost 400 locations that operate as Sears Hometown or Sears Outlet locations, which feature appliances and electronics. Since then, Transformco has faced a hard retail environment, along with other challenges, the company said in a press release Thursday.