Following a long and public bankruptcy that saw the retailer shutter its stores, liquidate its holdings and lay off workers, Sears Holdings (SHLDQ) revealed on Thursday that it plans to open several smaller stores focusing on appliances, mattresses and home services.
According to the Associated Press, the first three stores will be called Sears Home & Life, and open Memorial Day weekend. They will be located in Overland Park, Kansas; Lafayette, Louisiana; and Anchorage, Alaska. They range in size from about 10,000 to 15,000 square feet (900 to 1,400 square meters).
The average Sears is about 155,000 square feet (14,400 square meters).
It is Sears's first effort to win consumers back since its former CEO, Edward Lampert, bought the Hoffman Estates-based company out of bankruptcy in February, with a $5.2 billion bid and plans to rebuild around smaller stores and strengths in categories like appliances.
Lampert's investment vehicle, ESL Investments Inc., completed its acquisition of bankrupt Sears Holdings in mid-February. At the close of the acquisition, the new entity had $400 million available on its asset-backed credit facility.
WOW. You can fit *a lot* of good stuff in there! #FridgeGoals— Sears (@Sears) March 31, 2019
Upgrade to a bigger fridge, get $100 CASHBACK in points.
Click the link to shop now thru 4/6. �� https://t.co/afTyO3WHMf pic.twitter.com/VSavBcz5mO
The newly reconstituted company currently operates 425 stores throughout the United States.
Shares of Sears Holdings were trading at 68 cents.