(CBS News/WJZ) — The parent company of Sears and Kmart is closing another 96 stores, a sign hedge fund baron Eddie Lampert is struggling to revive the ailing retailer after buying it out of bankruptcy earlier this year.
After the latest round of closures, the company will have only 182 stores in operation. That’s down from roughly 425 locations earlier this year, and from as many as 2,500 stores when Sears and Kmart first merged in 2005.
Sears also secured $250 million in new financing, Transformco, the holding company for Sears and Kmart, said Thursday in announcing the closures.
In Maryland, four more locations are closing, including:
- Kmart at 1713 Massey Blvd in Hagerstown.
- Big Kmart at 1003 W Patrick Street in Frederick.
- Kmart at 6411 Riggs Road in Hyattsville.
- Sears at 1262 Vocke Road in Cumberland.
The Kmart location on Coastal Highway in Rehoboth Beach, Delaware is also closing.