Transformco is a privately held retail and real estate operating company formed in February 2019 through the acquisition of 425 Sears and Kmart stores from bankrupt Sears Holdings for $5.2 billion. Owned by ESL Investments and founded by hedge fund manager Eddie Lampert, the company operates the remaining locations of iconic Sears and Kmart retail brands while pursuing a business model that monetizes its real estate holdings through store closures, property sales, and lease-backs to third-party tenants. Transformco oversees a portfolio of department stores and big-box retail locations primarily across the mainland United States, with historical presence in Puerto Rico, Guam, and the U.S. Virgin Islands. The company's investment strategy centers on extracting value from legacy retail real estate rather than traditional retail operations. Following its formation, Transformco has closed hundreds of underperforming stores and repositioned its properties through Transformco Properties, a subsidiary focused on leasing former Sears and Kmart locations to retailers including Dick's Sporting Goods, Primark, Floor & Decor, At Home, Tractor Supply, and Aldi. In December 2019, Transformco divested the DieHard battery brand to Advance Auto Parts for $200 million while retaining rights to sell DieHard products in remaining stores. The company has also sold major assets including its former corporate headquarters in Hoffman Estates, Illinois, which was purchased by a data center developer in 2023. Transformco operates through a holding company structure that includes Sears, Kmart, Sears Home Services, Transformco Properties, and Transformco Warehouse Operations. Its remaining retail footprint has contracted from an initial 425 stores to approximately 182 locations by early 2020, with continued closures through 2023 including the last full-line Sears stores in Pennsylvania, New York, North Carolina, and Maryland. The company's headquarters remains in Hoffman Estates, Illinois, at 5407 Trillium Boulevard, though its operational focus has shifted toward real estate monetization rather than retail expansion.