Sears-self Out the Front Door
By: Joshua Bergman
For years, customers have been able to go to huge retailers in need of everyday goods. Target, Walmart, K-Mart, and Sears are some of the popular businesses in this industry. Despite their huge persona in the public eye, much of the business in these stores are not very sustainable, with many companies’ lives in risk.
Even though the state of these stores has been in question for years, the idea of one of these businesses closing for good has never been ideal, until now. This past Tuesday, the owner of Sears and K-Mart announced an unsure future for its stores, hinting at an upcoming closure. Even though many Sears and K-Mart stores have closed in the past couple years, this movement will include the closing of all of the stores. This decision was made after a $2.2 billion dollar loss in 2016 and a total $5 billion loss from the last three years. Falling in the shadow of other retailer stores, like Target and Wal-Mart, shares for the company have fallen about 13 percent.
In an attempt to reignite the franchise, Sears has made programs in order to save money and shift its focus on other aspects of the business. Despite its best efforts, Sears and K-Mart are still falling victim to other retailers and online shopping. With its slowing business and the closure of over 2,000 stores in the past decade, it seems most beneficial for this long franchise to close its doors one last time.
Original Story: “Survival of Sears and Kmart Is in Doubt, Owner Warns” NYT, Mar 27, 2017