Transformco, the parent company of Sears and Kmart, has announced plans to close 96 stores by February, including one in West Dundee.
Going-out-of-business sales at these stores are expected to begin on Dec. 2.
According to a company news release, following the closures, Transformco will operate 182 stores.
The Sears store in West Dundee is located at 5000 Spring Hill Mall.
“Since 1980, our store has stocked great quality merchandise at a location that is easy to find,” the store’s website says. “From quality health supplies and specialty bathroom decor to tools for any project, we offer the selection you need to get all your shopping done in one location.”
A second Sears store in Illinois, located in Peoria, is among the 96 slated for closure.
Transformco is controlled by Sears’ former CEO Edward Lampert and his hedge fund.
Since purchasing substantially all the assets of Sears Holdings Corporation in February 2019, Transformco has faced a difficult retail environment and other challenges.
“We have been working hard to position Transformco for success by focusing on our competitive strengths and pruning operations that have struggled due to increased competition and other factors. To support these initiatives, our owners (along with a third-party investor) have recently provided the company approximately $250 million in new capital.”
Transformco said it is trying to create and deliver value through a strategic combination of better-performing retail stores and service businesses, brands and other assets, and expect to realize a significant return on its extensive portfolio of owned and leased real estate.
SOURCE: Transformco news release, Sears website