Sears filed for chapter 11 bankruptcy protection on Monday, October 15. In doing so, it stated its plan for turning business around, and seeks to operate through the holiday season.
In order to succeed, the company will need its creditors to agree to allow it to be reorganized rather than liquidated. It is attempting to obtain a $300 million loan in order to maintain its operations.
Sears used to be the go-to place for everything, from clothes and appliances, to yard tools and machinery, to children’s toys. Its catalog was iconic for over 100 years. Founded after the Civil War, the original Sears, Roebuck & Company developed a catalog business that sold the latest dresses, toys, fencing, build-it-yourself houses, and even tombstones. Unfortunately, in recent years it has become the victim of the usual American retail management, with executives paying themselves massive salaries, its workers nothing, and stocking items of shoddy workmanship. It’s a real shame.