Customers shop at Chicago's last remaining Sears store on May 3, 2018 in Chicago, Illinois.
Sears owner Transformco announced Thursday it has obtained $250 million in new capital, money intended to help fuel the company's turnaround after it obtained essentially all of Sears Holding Company's assets during its bankruptcy proceedings earlier this year.
But still, the company says it will be forced to shutter another 96 Sears and Kmart stores in 30 states by February 2020, continuing a trend that's been accelerating for months.
"We will continue to evaluate our Sears and Kmart footprint, consistent with our overall retail and service strategy," Transformco said in a statement Thursday.
Earlier this year, the company had closed or said it would close around 90 Sears and Kmart stores.