Marshall Kmart store to be last open in MI

A Kmart department store in Springfield Va. Oct. 23 2014

The once ubiquitous retailers have struggled to stay afloat since the turn of the century, with more than 3,500 Kmart and Sears stores closing down in the last 15 years.

Sears owner Transformco announced on Thursday, Nov. 7 that 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. "As part of this process, we have made the hard but necessary decision to streamline our operations and close 96 Sears and Kmart stores". The Waterford Kmart on Dixie highway and Lake Point Drive is now scheduled to close in February.

A going-out-of-business sale is scheduled to begin December 2 at the West Orange store. In January, three Michigan Kmart closures were announced. "To support these initiatives, our owners - along with a third-party investor - have recently provided the company approximately $250 million in new capital". "The closure is not unexpected because of the company's bankruptcy and waves of numerous store closures in the past few years, including the Santa Barbara Sears closure".

If nothing else, Transformco said in its Thursday statement it expects to "realize a significant return on our extensive portfolio of owned and leased real estate".

These assets include logistics solutions firm Innovel, Sears Home Services, the Shop Your Way membership program, and its Kenmore and DieHard brands. "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.

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