Sears Spinoff Files Chapter 11 Bankruptcy Protection

CNN Business reports:

Sears Hometown Stores Inc., a franchise-owned unit of Sears, has filed for Chapter 11 bankruptcy protection. Sears spun off Sears Hometown in 2012 to give the parent company a much-needed infusion of cash.

The average Sears Hometown store is only 8,000 to 10,000 square feet, a fraction of the size of the average full Sears, which is about 160,000 square feet. The chain concentrates on selling appliances, tools and outdoor equipment.

Transformco reacquired the company after it bought Sears out of bankruptcy in 2019. Roughly 100 Sears Hometown stores are currently operating — down from 700 just three years ago. There are roughly 15 full-line Sears stores left.

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Sears Hometown Stores Inc., a franchise-owned spinoff from Sears, has filed for Chapter 11 bankruptcy protection https://t.co/Kxg4NFIn7S

— CNN (@CNN) December 13, 2022