Sears Sears, Suzanne Captor, Amazon discussed on Coast to Coast AM with George Noory
The once great company was shriveled and sickly Suzanne take us through this founders were had left a 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. They would just an incredible power. How powerhouse I mean 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 Americans who before that really had no way of getting good. I think at one point they were shipping at kind of Lancome with every American Home in the in the country, and you know, people to this day still remember coming through that catalog for ROY as a kid for Christmas gifts that catalog really meant a lot to people use it to which I I didn't know that Sears was actually one of the first companies to deliver one of the first companies have a website right right back in nineteen ninety 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, they launched a Winston in nineteen ninety nine which was which is early, but they just weren't able to capitalize on that. And just lost ground to everyone from Macy's to Amazon to WalMart. What are the observers say was the downfall? Like, why couldn't they capitalize? Is it 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 businesses about a decade later that took care of the ball. And and in the in the interim, you had companies like WalMart and target opening hundreds of story in strip centers, which were closer to where people lived, and 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. I mean, we its stores which were basically in shopping malls 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? Casually. 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 that's something metal have to be negotiated in bankruptcy court. There was a I 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 going to put two hundred fifty up review and maybe end up with just like three hundred stores, which is kind of unbelievable fall. Thanks. His an Wall Street Journal. Reporter Suzanne captor..