![]() ![]() TFCO currently owns or leases over 500 retail properties and supporting facilities. Although the Company will reduce its store footprint, TFCO is committed to fulfilling its obligations to all of its vendors. TFCO plans to further streamline retail operations over the next several months and focus on those stores with a strong record of success or meaningful real estate value. As a result, the Sears and Kmart store formats have experienced declining sales and continued losses, consistent with trends for department store and other legacy retailers. Despite these efforts, the support TFCO received fell well short of its needs. Over the past year, during an extremely challenging retail environment, TFCO's associates have worked tirelessly to restore vendor relationships and to maintain financial support from its lenders with a focus to return the company's retail operations to profitability. It also positions TFCO to pursue other transformative actions to fully leverage its core assets and capabilities to realize maximum value for all stakeholders. This transaction will provide Innovel and its employees with the resources to continue to build out a best in class logistics platform and the proceeds from the sale will allow TFCO to repay all of its non-real estate debt. ![]() Key components of the agreement include a long-term commercial arrangement whereby Costco provides TFCO warehousing, delivery and installation services to Sears and Kmart members and Costco will retain over 1,500 Innovel employees on a go-forward basis. Additionally, Costco will enter into a long-term commercial agreement whereby Costco will leverage TFCO's Service Live platform to source technicians for complex installations across the country. HOFFMAN ESTATES, Ill., Ma/PRNewswire/ - Transform Holdco (TFCO) announced today that Costco (NASDAQ: COST) has acquired Innovel Solutions, its middle mile and final mile delivery and installation business, for $1 billion. ![]()
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