What does bankruptcy of Sear means to America

October 15, 2018 - By Justin Balkhi

This chain of stores once changed the business in the USA, and now it officially declares bankruptcy. Once this retailer dominated across the states, changing the way all Americans lived, and now the epoch has ended.

The company is 132 years old already. For the last several years it continues to struggle with modern, more attractive big companies. It is still drowning in debt, despite all the efforts of its current CEO. On Monday the company had to pay 134 million dollars in debt, and it proclaimed that they can’t pay this straw.

The parent company of Sears, Sears Holdings, the owner of Kmart as well, is one of many retailers that had to declare its bankruptcy in times of Amazon.

Since the first hours of Monday, New York court received the filing in the federal bankruptcy from Sears. While the company still wants to stay on the market, and keep the most profitable stores open, along with Kmart and Sears online stores, they issued the statement where they revealed bankruptcy.

They are now looking for someone who will buy many of their stores. They also can’t afford to keep 142 stores alive and will have to close it down until the end of this year. And during the next month they will close 46 more stores which were already declared officially.

The CEO Eddie Lampert, is not only the head of the company but its biggest shareholder, proclaimed that he is giving all his titles as the part of the court filing.

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