Quite honestly, Sears was one of those companies that I thought was going to be around forever.
That being said, a few horrible business decisions can stop any consumer powerhouse dead in its tracks.
Just look at how many local retailers that you might have seen in the past that fell by the wayside because they did something to upset the customer base or restaurants that made one too many changes to the menu that the customers didn’t like.
The problem with Sears is that they didn’t;’t change with the times.
There is something to be said for a business staying the same in all of the right respects.
The problem with Sears is that they stayed stuck in a mindset from decades ago in all the wrong ways. Now they are paying for it,
Via Daily Wire:
One of America’s most iconic businesses, which has been in business for over 125 years and still employees 68,000 people, is on the verge of liquidation after an eleventh-hour, $4.4 billion takeover bid failed to satisfy advisers to the company, which hasn’t turned a profit in nearly a decade.
“Sears Holdings Corp will ask a bankruptcy judge on Tuesday if it can proceed with liquidation after it could not reach an agreement on Chairman Edward Lampert’s $4.4 billion takeover bid, casting doubt on the survival of the 126-year-old U.S. department store,” Reuters exclusively reported Tuesday, citing sources familiar with the matter.
Lampert submitted the bid just before the December 28 deadline set by a bankruptcy court, prompting the company’s advisers to assess if he was a “qualified bidder” and the deal was enough to keep the company afloat. According to Reuters’ sources, the bid fell short. Now Sears faces full liquidation of its assets if the judge doesn’t decide to give Lampert more time to improve his offer, which Reuters’ sources say he and his hedge fund, ESL Investments Inc., are attempting to do.
“U.S. Bankruptcy Judge Robert Drain in the Southern District of New York, who is presiding over the case, could decide to give Lampert more time to improve on his bid, the sources said,” Reuters notes. “A bankruptcy auction for Sears’ assets is not due until Jan. 14.”
When Sears filed for bankruptcy in October, it announced the closure of 142 Sears and Kmart stores. As The Daily Wire reported last week, Sears has recently announced the closure of 80 more stores across the country, including its automotive shops. The latest round of closures leaves the company with just 400 stores nationwide.