US retail giant Sears files for bankruptcy [View all]

[Berlin Expat]

Source: BBC

Sears, the US retailer that that once dominated America's shopping malls, has filed for bankruptcy.

Sears Holdings - which also owns Kmart - filed for Chapter 11 bankruptcy protection on Monday.

The company has suffered, along with many other traditional retailers, from rising online competition from firms such as Amazon.

Sears has been closing stores and selling properties as it grapples with debts of more than $5bn.

Read more: https://www.bbc.com/news/business-45859722

---

Looks like the end of the road for what was once a retail giant - it's not unfair to say that Sears changed how Americans did their shopping; via their legendary catalog, they offered everything at one time, from clothes to shoes to actual family homes that you could purchase and assemble yourself.

Eddie Lampert basically ran the company into the ground and asset stripped it. That being said, the problems at Sears started well before Eddie Lampert came on the scene. Previous management failed to recognize and adapt to a changing retail landscape - combined with Lampert's Randian philosophy........and now it's game over. They're doing a Chapter 11, but frankly, it'd be a miracle if they resurrect Sears and make the decisions needed to transform the company into a thriving business that can compete in the modern 21st Century retail environment.