Independently owned Sears Hometown and Outlet Stores are being brought back into the Sears and Kmart fold seven years after being spun off from the Illinois-based former retail mainstays.
The parent company of Sears and Kmart, ESL Investments Inc., is buying the rest of Sears Hometown and Outlet Stores Inc. that it doesn't already own.
Sears Hometown operates in Moncks Corner and is currently owned by Evan Wiles. Sears Outlet is in Festival Centre in North Charleston and is corporately owned.
No traditional, big-box Sears or Kmart locations remain in the Charleston area. Sears closed its last conventional store in the region last year at Citadel Mall while Kmart shuttered its last shop in the area off Ladson Road near Summerville in 2017.
ESL Investments, controlled by former Sears CEO Eddie Lambert, acquired the former Sears Holdings Corp. earlier this year after Sears Holdings filed for bankruptcy in 2018.
Transform Holdco LLC said Monday that it will pay $2.25 per share. ESL Investments Inc. and its affiliates, the majority owners of Transform, currently hold 58 percent of Sears Hometown's outstanding stock.
Under the deal, Sears Hometown can sell its outlet segment consisting of Sears Outlet and Buddy's Home Furnishing Stores businesses to a third party for not less than $97.5 million.
The going-private transaction is targeted to close in the third quarter.