Kmart locations in Frederick and Hagerstown will close soon, according a press release from the store’s parent company, Transformco. The company, which recently acquired Sears Holdings Corp. out of bankruptcy, will close 45 Kmart and 51 Sears stores around the country, with clearance sales for both beginning Dec. 2.
According to the press release, the company has had difficulty turning their businesses around since acquiring Sears Holdings Corp. in February.
“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,” the press release stated. “To support these initiatives, our owners (along with a third-party investor) have recently provided the company approximately $250 million in new capital. As part of this process, we have made the difficult but necessary decision to streamline our operations and close 96 Sears and Kmart stores.”
Moving forward, Transformco will be left with 182 stores to operate in the U.S. While a specific closing date for the Frederick and Hagerstown locations has not been determined, the company said that all stores will be shuttered by February, about a year to the day it took over the chain.
Over the last 15 years, Sears and Kmart have closed more than 3,500 stores and cut about a quarter of a million jobs.