{"id":3242,"date":"2018-10-15T06:57:21","date_gmt":"2018-10-15T06:57:21","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/us-retailer-sears-files-for-bankruptcy\/"},"modified":"2018-10-15T06:57:21","modified_gmt":"2018-10-15T06:57:21","slug":"us-retailer-sears-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/us-retailer-sears-files-for-bankruptcy\/","title":{"rendered":"US retailer Sears files for bankruptcy"},"content":{"rendered":"\n<div property=\"articleBody\">\n<figure class=\"media-landscape no-caption full-width lead\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                <img loading=\"lazy\" decoding=\"async\" class=\"js-image-replace\" alt=\"Sears store\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/13A48\/production\/_103865408_sears_getty.jpg\" width=\"976\" height=\"549\"\/><span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">Getty Images<\/span><\/p>\n<p>            <\/span><\/p>\n<\/figure>\n<p class=\"story-body__introduction\">US retailer Sears, a brand that once dominated shopping malls in the country, has filed for bankruptcy. <\/p>\n<p>Sears Holdings &#8211; which also owns Kmart &#8211; filed for Chapter 11 bankruptcy protection on Monday.<\/p>\n<p>The company has suffered, along with many other traditional retailers, from rising online competition from firms such as Amazon.<\/p>\n<p>Sears has been closing stores and selling properties as it grapples with a debt load of more than $5bn.<\/p>\n<p>The company has 90,000 employees and in its heyday owned over three thousand stores.<\/p>\n<p>It became America&#8217;s largest retailer before being overtaken by Walmart in the 1980s.  <\/p>\n<p>The firm filed for bankruptcy petition after it reportedly could not meet a $134m repayment that was due on Monday. <\/p>\n<p>Chapter 11 protection postpones a US company&#8217;s obligations to its creditors, giving it time to reorganise its debts or sell parts of the business.<\/p>\n<ul class=\"story-body__unordered-list\">\n<li class=\"story-body__list-item\"><a href=\"https:\/\/www.bbc.co.uk\/news\/world-us-canada-42418902\" class=\"story-body__link\">Who will the &#8216;retail apocalypse&#8217; claim in 2018? <\/a><\/li>\n<\/ul>\n<p>Businessman Eddie Lampert &#8211; who serves as the company&#8217;s chief executive, biggest investor, landlord and significant creditor &#8211; had attempted to restructure the firm&#8217;s debt to avoid bankruptcy.<\/p>\n<figure class=\"media-with-caption\">\n<div class=\"player-with-placeholder\">\n            <img decoding=\"async\" class=\"media-placeholder player-with-placeholder__image narrative-video-placeholder\" src=\"https:\/\/ichef.bbci.co.uk\/images\/ic\/720x405\/p0632x7y.jpg\"\/><\/p>\n<p>Media playback is unsupported on your device<\/p>\n<\/p><\/div><figcaption class=\"media-with-caption__caption\"><span class=\"off-screen\">Media caption<\/span>Sears struggles for shopping relevancy<\/figcaption><\/figure>\n<p><a href=\"https:\/\/searsholdings.com\/press-releases\/pr\/2116%20#\" class=\"story-body__link-external\">In a statement,<\/a> Mr Lampert said: &#8220;Over the last several years, we have worked hard to transform our business and unlock the value of our assets.<\/p>\n<p>&#8220;While we have made progress, the plan has yet to deliver the results we have desired.&#8221;<\/p>\n<p>Some critics have said the company&#8217;s problems were exacerbated by low investment in the firm&#8217;s stores, which left Sears especially vulnerable to trends driving shoppers out of stores towards online.<\/p>\n<p>Neil Saunders, managing director of GlobalData Retail, said Sears&#8217; troubles stretched back to the 1980s when it became &#8220;too diversified and lost the deftness that had once made it the world&#8217;s largest and most innovative retailer&#8221;.<\/p>\n<p>&#8220;That a storied retailer, once at the pinnacle of the industry, should collapse in such a shabby state of disarray is both terrible and scandalous,&#8221; he said.<\/p>\n<p>&#8220;The brand is now tarnished just as the economics of its model are firmly stacked against its future success.&#8221; <\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/news\/business-45859722\">Source<\/a> by <a href=\"\">[author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright Getty Images US retailer Sears, a brand that once dominated shopping malls in the country, has filed for bankruptcy. Sears Holdings &#8211; which also owns Kmart &#8211; filed for Chapter 11 bankruptcy protection on Monday. The company has suffered, along with many other traditional retailers, from rising online competition from firms such as &hellip; <\/p>\n","protected":false},"author":0,"featured_media":3243,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=3242"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3242\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/3243"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=3242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=3242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=3242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}