Sears has filed for bankruptcy! after years of staying afloat through financial maneuvering, a merger with Kmart and relying on billions of CEO Eddie Lampert’s own money.
Sears was the go-to place to buy just about anything, and its catalog was the midcentury Amazon. But in recent decades, it’s been taken down first by big-box stores like Wal-Mart and then by online retailers
It’s set to shutter 142 stores towards the end of the year and begin liquidation sales shortly.
While Lampert will step down as CEO, he’ll remain Sears chairman, as his ESL Investments negotiates a debtor in possession loan and other funding to support what was once the country’s biggest retailer through the bankruptcy process.
|Sears files for bankruptcy after years of turmoil. The former titan of American retail struggled to compete with e-commerce giants.|
|The 125-year-old icon faced a $134 million debt payment due Monday. Hit hard as a brick-and-mortar retailer saddled with massive showrooms as it struggled to compete with online rivals, the company reportedly fought to reorganize and protect some of its brand in bankruptcy. It has $5.6 billion in outstanding debt and is down to 820 Sears and Kmart stores — from 2,000 stores five years ago|