Sears files for bankruptcy after 132 years in business: Iconic retail giant collapses amid plunging sales, massive debts and the dominance of Amazon
Sears filed for Chapter 11 bankruptcy protection, buckling under massive debt
Joins growing list of retailers that’ve filed for bankruptcy or liquidated recently
The company began as a mail order catalogue in the 1880s before opening retail locations in 1925
DAILYMAIL.COM
15 October 2018
Sears has filed for Chapter 11 bankruptcy protection, buckling under its massive debt load and staggering losses.
The company began as a mail order catalogue in the 1880s, featuring items from bicycles to sewing machines to houses.
It began opening retail locations in 1925 and expanded swiftly in suburban malls from the 1950s to 1970s.
But the onset of discounters like Walmart created challenges for Sears that have only grown and it faced even more competition from online sellers and appliance retailers like Lowe’s and Home Depot.
The operator of Sears and Kmart stores began to incur massive losses, joining a growing list of retailers that have filed for bankruptcy or liquidated in the last few years – since Amazon began aggressively competing with stores by offering goods far cheaper online.
In March, iconic Toys R Us announced it was shuttering all of its US stores while other big names such as Macy’s and JC Penney have also been forced to close numerous locations and lay off workers.
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