Edward Lampert bets he can take Sears public again with a plan for smaller stores and less apparel.
The chairman of the Oak Brook, Illinois-based retailer wants to sell or sublease a portion of its 425 remaining stores, according to The Wall Street Journal. Following the company’s bankruptcy proceedings, Lampert also plans to launch smaller Sears stores, akin to the one in Oak Brook, which is 62,000 square feet.
“Our goal is to continue to shrink the size of our stores,” Lampert said, per The Journal. “If I had my druthers, I’d rather be bigger than smaller. We still have enough of a critical mass.”
The restructured company will maintain 223 Sears and 202 Kmart locations, in addition to the Kenmore and DieHard brands. Lampert went on to note that he will remain chairman, but the company will take on a new CEO.
He also observed that he doesn’t think Sears will remain private indefinitely, according to the report.
“Being private has certain advantages of being able to…Read the full story from the Washington Business Journal.