So long, Sears: Final Vermont location to close

(--- REPORTER LIVE TAG ---) I'M ALICE BARR IN WASHINGTON, NOW BACK TO YOU. FROM TECHNOLOGY TO RETAIL -- A NUMBER OF JOB CUTS ARE IN THE NEWS THIS THURSDAY -- SEARS ANNOUNCED THIS AFTERNOON IT WILL CLOSE ITS ANCHOR STORE AT UNIVERSITY MALL IN SOUTH BURLINGTON AFTER THE HOLIDAYS. AND LAYOFFS ARE COMING TO ESSEX JUNCTION, TOO. <A-VAIR-UH> <MAR-VELL> STATE LABOR OFFICIALS SAY THE LETTER CAME THIS MORNING -- CONFIRMING THAT THE SALE OF A GLOBAL FOUNDRIES SUBSIDIARY -- AVERA SEMICONDUCTOR -- TO A CALIFORNIA COMPANY -- WILL ALSO MEAN SCORES OF JOB CUTS -- SAID TO RANGE FROM TOP EXECUTIVES TO ENGINEERS AND FRONT-LINE EMPLOYEES AT THE FORMER "AVERA" DIVISION. < MIKE HARRINGTON/ COMMISSIONER OF LABOR 38:43 THEY DID INDICATE THERE WOULD BE 78 EMPLOYEES IMPACTED BY THIS SALE OF AVERA TO MARVELL. TIMELINE? LOOKS LIKE THEY WON'T OCCUR UNTIL JANUARY THAT GIVES US AN OPPORTUNITY TO WORK WITH IMPACTED INDIVIDUALS 3900 > AND THERE ARE REPORTS OF POCKETS OF OTHER LAYOFFS IN THE TECH SECTOR. GOVERNOR SCOTT S

The parent company of Sears and Kmart plan to close 96 stores in coming months, including a South Burlington location. GET THE LATEST: Download the MyNBC5 app Transformco announced Thursday that the final Vermont location is scheduled to close its doors for the final time before February 2020. Officials with the organization did not provide a specific date, but stated that closures could begin as early as Dec. 2.A release made by the company states all current employees will be offered severance in accordance with Sears' 2018 plan. Transformco has secured approximately $250 million in new capital prior to the holidays, according to officials. The group will continue to operate 182 stores following the sweeping closures. Tune in to NBC5 News for additional coverage.

SOUTH BURLINGTON, Vt. —

The parent company of Sears and Kmart plan to close 96 stores in coming months, including a South Burlington location.

GET THE LATEST: Download the MyNBC5 app

Transformco announced Thursday that the final Vermont location is scheduled to close its doors for the final time before February 2020. Officials with the organization did not provide a specific date, but stated that closures could begin as early as Dec. 2.

A release made by the company states all current employees will be offered severance in accordance with Sears' 2018 plan.

Transformco has secured approximately $250 million in new capital prior to the holidays, according to officials. The group will continue to operate 182 stores following the sweeping closures.

Tune in to NBC5 News for additional coverage.

So long, Sears: Final Vermont location to close

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