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Nov. 14, 2019, 3:44 p.m. EST · CORRECTED

Sears parent laying off hundreds: reports

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By Tonya Garcia

SPX

A previous version of this report misstated the relationship between Transformco and Sears Holding Corp. It has been corrected.

Transformco, the company formed in January to buy the remaining assets from the bankrupt Sears and Kmart chains, has laid off about 300 staffers at the company's Hoffman Estates headquarters and field offices, according to media reports . The company did not disclose how many people still work at the company headquarters. The news comes days after it was announced that 96 stores -- 51 Sears locations and 45 Kmart stores -- would be closing. Going-out-of-business sales will begin on Dec. 2. The SPDR S&P Retail ETF has gained 8.4% over the past year while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.91% is up 14.6% for the period.

/zigman2/quotes/210599714/realtime
US : S&P US
3,145.91
+28.48 +0.91%
Volume: 1.70B
Dec. 6, 2019 5:07p
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