Sears, Kmart parent company to lay off 250 employees
The bad times just keep coming for Sears and Kmart: More employees are being laid off, this time at parent company Transformco.
About 250 office workers will be losing their jobs in Illinois, likely starting around late October, USA Today reports. Billionaire businessman Eddie Lampert, who was previously chairman and CEO of Sears, acquired Sears from bankruptcy and runs it via Transformco.
Transformco announced in August it would be closing 26 Sears and Kmart stores.
"We have faced a number of challenges returning our stores to sustainable levels of productivity, including differences with Sears Holdings over our purchase agreement and a generally weak retail environment," the company said in a statement at the time. "These challenges have unfortunately affected our performance and limited our strategic choices. ... Our goal remains to return the company to profitability and preserve as many jobs as possible in the communities we serve."