SCOOP ALERT

Once Mighty Sears Files for Bankruptcy Amid Plunging Sales, Massive Debt

Billboard News Today

Sears filed for Chapter 11 bankruptcy protection Monday, buckling under its massive debt load and staggering losses.

The question now is whether a smaller version of the company that once dominated the American retail landscape can remain viable or whether the iconic brand will be forced out of business.

Sears, which started as a mail order catalog in the 1880s, has been on a slow march toward extinction as it lagged far behind its peers and incurred massive losses over the years.

“This is a company that in the 1950s stood like a colossus over the American retail landscape,” said Craig Johnson, president of Customer Growth Partners, a retail consultancy. “Hopefully, a smaller new Sears will be healthier.”   [Read More Billboard News]


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