Bankruptcy!
They lasted longer than I thought they would but that was only because the idiot leader kept giving loans to the company, selling off as much property as possible and selling off many of the most valuable brands.
Still, what most knew was inevitable finally has happened.
https://www.aol.com/article/finance/2018/10/15/sears-has-filed-for-chapter-11-bankruptcy/23561227/
Smart businesses people have been saying for years this guy had no clue about running a retail business, not an inkling of a clue.
He has blamed everyone but himself, the customers, workers, executives, Amazon and other competitors...even the people on pensions.
They might still hold off on total liquidation for awhile, there have been many companies that went bankrupt and still managed to reorganize and come back.
This guy has been saying that about everything he has been doing to the company for years, if you think this bankruptcy will have a positive effect in any way at any time now or in the future I have some nice shiny bridges for sale we need to talk about.
The big reason I am so mad about this is because I grew up during a time when this store, and brand, was iconic.
This was the Amazon of their time for decades, with smarter leadership they maybe could have been Amazon.
They made their bones using their catalog and the U.S. mail, they turned that into brick and mortar stores with one of the biggest footprints retail has ever seen here in the U.S.
If only they could have changed again.
They didn't forsee the rise of internet shopping, not many large retail companies did, but at one time they had tons of money, customers, business and more goodwill than most others.
They just couldn't capitalize on any of it and somehow they managed to let one of the dumbest people on the planet get control.
Well, maybe not so dumb because he may end up being one of the few that end up with money at the end of all of this but we will see.
I was a customer, I bought Craftsman tools when they were made in America and took advantage of that great warranty a few times.
Plenty of my back to school and other clothes came from one of their stores as did a whole slew of other products over the years.
This upsets me as it probably does anyone from my generation that remembers what Sears used to be and stood for.
I can buy from anyone but the last time I was in a Sears store I was shocked at what they became and then they closed it.
It felt like looking at a dying relative hooked up to tubes lying in a hospital bed and no hope.
Who knows if this company will survive in any form, even just the name on some website, but their iconic days are long over.
They will be remembered for years to come but probably not as a revered American retail entity but as a huge lesson in how badly things can turn with the wrong leadership.
A shame.
I wonder how well all the people that have pensions will weather all of this.
They will probably still get checks thanks to the government but health insurance...not so much.
For many this might turn into a nightmare.
http://www.chicagotribune.com/business/ct-biz-sears-bankruptcy-pension-default-20181011-story.html