Sears Sears, Amazon, Wall Street Journal discussed on This Morning with Gordon Deal


The once great company was shriveled and sickly Suzanne take us through. This goes founders were had left the business within just a very few years. And it was really other people that turned it into the, you know, the juggernaut that it became it. It's almost hard to imagine. But they really were the Amazon of their day an incredible power. How powerhouse from dishwashers and back to school clothing. Hold everything. Houses right now important was that Sears catalog? Oh that I mean, it really transformed. The lives of the rural rural Americans who before that really had no way of getting good. I think at one point they were shipping every American Home in the in the country, and you know, people to this day still remember coming through that catalog for toys as a kid for Christmas gift catalog, really meant a lot to people and use it to which I I didn't know Sears was actually one of the first companies to deliver one of the first companies have a website right right back in one thousand nine hundred nine they were an early mover. And a lot of ways they weren't able to execute recently on some of on some of their vision. You know, so yeah, they launched a website in nineteen ninety nine which was which is early, but they just weren't able to capitalize on that. And just locked ground to everyone from Macy's to Amazon, WalMart, what are the observers say was the downfall. Like, why couldn't they capitalize? Is there was the problem? They lost focus and back in the eighties. They diversified into financial services. They bought game winner and Coldwell Banker. And although they ended up selling all those issues about a decade later, you know, that took their eye off the ball. And and in the in the interim, you had companies like WalMart and target opening hundreds of stores in strip centers which were closer to where people lived in. These these big box chains were easier to shop you could get in and out quickly. And all of a sudden here's woke up to find that it it. It's stores which were basically in shopping mall weren't where people were shopping anymore. It hasn't made money since when. Two thousand ten we're speaking with Wall Street Journal. Reporter Suzanne captor pieces about Sears Sears reshaped America from Kenmore to AllState now in the wake of its bankruptcy. Filing a hundred thousand pensioners who worked for Sears. Are they in trouble? Potentially. But the government pension guarantee organization is actually listed a series largest creditor. And so it's unclear exactly how that's gonna work the pensioners may be okay. But some of their financial security may be eroded. But you know, that's something metal have to be negotiated in bankruptcy court. There was a think a graphic in your story. What nine hundred something stores at one point recently to whittle down almost like a fraction of that. Well, that's right. And through this bankruptcy process. Now, they want to close another one hundred and fifty immediately. They're gonna put two hundred fifty up for review and maybe end up with just like three hundred stores, which is kind of unbelievable a fall. Thanks is an Wall Street Journal. Reporter Suzanne cap ner..

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