After 125 Years In Business, Sears Files For Bankruptcy

October 11, 2018
Sears, Storefront, Store Closing

(Photo by Brad Harper/ Montgomery Advertiser via USA TODAY NETWORK)

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Sears is no more.

After 125 years in business, Sears has officially filed for bankruptcy.  Once the largest retailer in the world, Sears failed to keep up with the pace of the ever-expanding retail market, and didn't invest much in the digital space to the extent Wal Mart and Target did.

CEO Eddie Lampert has been investing cash from his own hedge fund into the company for years in an attempt to keep it afloat.  In August, Lampert's ESL Investments bought the Kenmore home appliance brand, as well as the store’s home improvement business. The sales pumped about half a billion dollars into the store, which still proved insufficient enough to prevent bankruptcy.  Sears also sold off their Craftman brand in 2017.

The company hasn't turned a profit since 2010, and is $134 billion in debt.  They've closed 100 stores in the last year, and are expected to shut down 46 more in the next month alone.

Via NBC News