Sears bankruptcy telling moment in retail



October 17, 2018 - 11:44 AM

 Failures by major retail outlets are adding up so quickly that it’s become hard to keep track, let alone distin­guish whether one has more meaning than another.

The bankruptcy filing of Sears is nonetheless a seminal moment in the fall from grace by the big department stores, and a very sad one as well.

Sears’ filing came Monday after it was unable to make a $134 million debt payment. The bankruptcy filing was no surprise. Sears Holdings, the parent company, gamely says it will keep profitable stores open in the chains of Sears and Kmart, which it also owns. But in the last eight months, Sears has shaved 30 percent of its outlets and 25 percent of its employees, with more to come.

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