Sears Goes Bankrupt

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Sears Goes Bankrupt

Samantha Crowson, Feature, and Cougar Tales Editor

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Something that is relatively well known is fading away. Sears Holdings Company, once one of the largest retailers in the nation with 125 years of providing us with many different household items ranging from baby shoes to king size beds, is now filing for bankruptcy.

Some Tucson-ans may say that is was foreseeable when the Sears in Park Place Mall closed its doors along with many other Sears chains in other parts of the country. The bankruptcy wasn’t truly announced until now. Their debt was at $134 million dollars and the deadline to get that money in was Monday, October 21st. Sears could not pay that amount in time, forcing them to close  142 of their Sears and Kmart locations and possibly more.

Companies like Walmart invested in work with Amazon, creating large revenue that Sears didn’t take. This seems to be a main reason to their downfall. Too many felt that Sears was on a steep downward slope with the CEO Eddie Lampert stepping down while filing for bankruptcy, and “Over the years, Lampert shed Sears assets and spun out real estate to pay down the debt.”

For now it is just the 42 closing but Sears says: “We continue to evaluate our network of stores, which is a critical component to our integrated retail transformation, and will make further adjustments as needed,” in an interview with CNBC news.