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Sears, the Amazon of its day, files for bankruptcy

248.00 US$
Published date: September 19, 2024
  • Location: 438 03, Sherman, Saint Thomas Island, Saudi Arabia
-text c-gray-1" >Sears, which invented the strategy of selling anything to anyone with a mailing address long before Amazon did, has been mortally wounded by its spiritual successor. After nearly a decade of struggle, the US retailer announced that it has filed for bankruptcy. It entered voluntary Chapter 11 proceedings and plans to close as many as 150 stores in an effort to slash debt and at least make it through the holidays. Since 2013, Sears has shuttered over 1,000 stores and lost around $5.8 billion.

Sears is perhaps best known for distributing catalogs and selling products across America using the US Post. Founded in 1892, it was a US retail juggernaut until the 1990s, when it started facing stiff competition from Walmart, Target and other more agile competitors. In 2004, the company was acquired by hedge fund manager Edward Lampert and merged with K-Mart.

Under Lampert, the company saw a $1.

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