(Reuters) – Sears Holdings Corp will promote or sublease a number of the 425 shops of the retail chain and open smaller shops with extra give attention to instruments and home equipment than on attire, mentioned Chairman Edward Lampert in an interview with the Wall Avenue Journal.
A U.S. chapter decide accepted Lampert’s hedge fund ESL investments Inc’s $5.2 billion takeover of the troubled retailer final week, permitting the division retailer chain to avert liquidation and protect tens of hundreds of jobs.
“It will be very troublesome to maintain all 425 shops open,” Lampert mentioned within the interview, including that a number of shops have already been closed and would in all probability be offered quickly.
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Lampert, who stepped down as CEO of the corporate that filed for chapter on Oct. 15, 2018, whereas remaining its chairman, additionally mentioned he would rent a brand new CEO.
The restructured firm, which has 223 Sears retailers and 202 Kmart shops, will preserve Sears Auto Facilities, SearsHomer Providers and the Kenmore and DieHard manufacturers.
Lampert additionally hinted that Sears would finally be taken public, saying he would not need the corporate to remain personal indefinitely.
(Reporting by Soundarya J in Bengaluru; Enhancing by Shinjini Ganguli)