US Retail Giant Sears to Officially Shut Down
- 5 years ago
US Retail Giant Sears to
Officially Shut Down The company has announced plans
to liquidate after 126 years in business. The move comes after Chairman
Eddie Lampart's $4.4 billion bid to save
Sears was rejected by the
company's board. It is a huge fall from grace for Sears, which was once America's most famous retailer. Since the rise of Amazon and online retail shopping, it has struggled to
maintain relevancy. Sears, which hasn't produced a profitable year since 2010, filed for bankruptcy last October. As of now, there are 400 stores
and 50,000 workers.
Officially Shut Down The company has announced plans
to liquidate after 126 years in business. The move comes after Chairman
Eddie Lampart's $4.4 billion bid to save
Sears was rejected by the
company's board. It is a huge fall from grace for Sears, which was once America's most famous retailer. Since the rise of Amazon and online retail shopping, it has struggled to
maintain relevancy. Sears, which hasn't produced a profitable year since 2010, filed for bankruptcy last October. As of now, there are 400 stores
and 50,000 workers.