Transformco, the company that has taken over Sears and Kmart stores, said Thursday it has laid off workers in the Hoffman Estates headquarters and elsewhere. A source familiar with the situation said up to 300 people were affected.
The move comes a week after the company said it will shut 96 Sears and Kmart stores across the country, leaving 182 stores in operation. Transformco is controlled by former Sears boss Eddie Lampert, who also is trying to develop the company’s real estate.
“Since purchasing substantially all the assets of Sears Holdings Corporation in February 2019, Transformco has faced a difficult retail environment,” the company said in an email. “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.
“Unfortunately, this process resulted in a number of difficult but necessary decisions, including closing stores and making adjustments at our corporate headquarters and field positions to reflect our new structure. We regret the impact that this has on our associates and their families.”
Spokesman Larry Costello declined to say how many employees remain at the Hoffman Estates campus.
When announcing the store closings, Transformco also said it has lined up $250 million in new capital as it tries to save the business.
In September, Transformco said it was immediately cutting 250 jobs in Hoffman Estates.
