Iconic shopping destination Sears files for bankruptcy
International tourists hoping to do some shopping at one of America’s most iconic department stores, Sears, may not want to wait too long to check this off their bucket list, as the chain filed for bankruptcy today.
US President Trump said over the declared bankruptcy: “Sears has been dying for many years. It’s been, obviously, improperly run for many years, and it’s a shame.”
With the Chapter 11 filing by Sears will come the closing of another 142 locations by the end of this year. That’s a lot of people who will lose their jobs and increase unemployment numbers in the country. This is in addition to a recent announcement of another 46 stores being closed.
Sears is hoping this bankruptcy filing will help to keep the company afloat. Currently, the department store chain has 687 stores and around 68,000 employees.
Attempting to put a good spin on the news, Trump said: “I would imagine some of those great sites that Sears has — they really have some great sites — will be put to good use. It will be a lot of jobs.”
But then he waxed poetic about the famous store chain saying: “It’s a shame. So, Sears Roebuck when I was growing up, was the big deal. And it’s very sad what happened. Very, very sad.”
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Sears has closed several hundred Sears and Kmart stores, which combined in 2005, in an attempt to stabilize its finances amid deteriorating sales.
Sears, Roebuck and Company, more commonly known simply as Sears, is an American retailer of general merchandise, tools, home appliances, clothing, and automotive parts and services. Sears was founded in 1886 by Richard W. Sears in Minneapolis, Minnesota, to sell watches by mail order. In 1893, Sears founded Sears, Roebuck and Company with Alvah C. Roebuck, Sears, Roebuck and Company. In 1895 Julius Rosenwald, a wealthy clothing manufacturer, Julius Rosenwald, bought out Roebuck’s interest 2 years later and soon wrote the company’s soon-to-be-famous catalogs.