COVID-19 forced many retailers in 2020 to close stores, file for bankruptcy, or both. While Sears and Kmart, both of which had been struggling for years, managed to avoid bankruptcy last year, changing retail shopping habits could catch up to them.
Sears Holdings Corporation was the owner of both the Sears and Kmart stores until it filed for bankruptcy in 2018. It emerged from that bankruptcy as a private holding by Transformco, which bought the company for $5.2 billion, according to Dunn & Bradstreet.
Since it emerged from bankruptcy, Sears sold off several of its smaller, internal brands. Craftsman Tools sold to Black and Decker. Die Hard batteries and automotive supplies sold to Advance Autoparts. And Sears continues to seek a buyer for its Kenmore brand.
Despite the sales…