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Report: Sears to close 77 more stores

Transform Holdco LLC, the new owner of Sears Holdings Corp., plans to close about 77 more Sears and Kmart stores in the U.S., Forbes magazine reported Sept. 3, citing a source believed to be a former employee.

According to the report, the stores include 10 outlets in Pennsylvania, seven stores in Michigan, five stores in California, and four more in Puerto Rico. The actual count could be as high as 100 stores with some closures starting immediately and going through the year's end, the magazine said.

These closures, most of which will reportedly be Kmart stores, are believed to be new announcements and have not yet been disclosed by the company in the past, Forbes added. The move could lower the number of both Sears and Kmart stores in the country to just about 300.

In addition, the company is also reportedly in talks with Chicago-based developer Sterling Bay to sell its corporate headquarters in Hoffman Estates, Ill.

Last month, Transform said it will close 26 large-format Sears and Kmart stores in late October to focus instead on the expansion of its smaller store formats.

Asked whether the closures are true, Transform responded to S&P Global Market Intelligence with this statement: "As we continue our transformation efforts, we are working closely with our stakeholders, and evaluating our network of stores, operations and business strategy in order to stabilize the business and support a long-term path to profitable success."

Sterling Bay did not immediately respond to Market Intelligence's requests for comment.

Transform Holdco was established by Edward Lampert-owned ESL Investments Inc. as an entity to acquire Sears, which declared bankruptcy in October 2018.