People have been predicting Sears’s fall from grace for a while now, and it’s finally here. It seems like Sears is edging closer and closer to bankruptcy with every passing month. The company has been selling off brands in the hopes that it can survive a bit longer, but the reality of the situation is that it’s bleeding income.
the parent company of Sears and Kmart department stores, filed for Chapter 11 bankruptcy protection on October 15, 2018. The company had been struggling for years due to declining sales, increasing competition from e-commerce retailers, and a heavy debt load. At the time of the bankruptcy filing, Sears had over 700 stores and more than 68,000 employees. The bankruptcy was one of the largest in retail history, and it resulted in the closure of hundreds of stores and the loss of thousands of jobs.