It's official - Sears files for bankruptcy
After 132-years of being a retail giant, “the store that changed America” has filed for bankruptcy. According to the bankruptcy report, Sears was losing about $125,000 a month after sales have dramatically declined thorough it’s existence and due to competitors such as Home Depot, Walmart, and the online retail mammoth Amazon.
Sears and it’s sister company Kmart have about 900 opened stores around the country, down from 3,500, back in the year 2005. At the time Kmart and Sears merged, they employed 317,000. By February this year, they only had 89,000 employees.
Sears was responsible for bringing people into malls, back when traditional ‘Main Street’ merchants dominated the market. It also made a huge impact in people’s lives when they introduced their household appliance brand “Kenmore,” and the made-in-America “Craftsman” tools.