One of the most iconic businesses in America has just announced some sad news for loyal customers. After 132 years in business, Sears has declared bankruptcy.
"The 132-year-old company has been struggling for several years and is drowning in debt. The final straw was a $134 million debt payment due Monday that it could not afford. Sears Holdings (SHLD), the parent company of Sears and Kmart, is among dozens of prominent retailers to declare bankruptcy in the era of Amazon (AMZN)," reported CNN.
Currently, there are about 700 stores across America. 68,000 employees are reportedly employed by the company. Last February, there were 1,000 stores with 89,000 employees. The company has been in decline for a while.
"But Sears said that it's looking for a buyer for a large number of its remaining stores, and it will close at least 142 stores near the end of this year. That's in addition to the 46 store closings already planned for next month. The company did not rule out additional store closings as the bankruptcy process proceeds," reported CNN.
The news comes after other large businesses have closed their storefronts as well. The age of Digital retail has taken a major toll on brick and mortar retailers.
"The upcoming holiday season will be a particular challenge for Sears. It will need to do better than last year. While other traditional retailers enjoyed strong holiday sales, Sears and Kmart both reported sharp drops," reported CNN.
What do you think about this? Let us know! Also, be sure to read our trending article about the major Costco chicken recall that has hit customers across the nation.