Sears Sears, Amazon, Reporter discussed on This Morning with Gordon Deal
Reporter Suzanne capture says by the time Sears limped into bankruptcy yesterday. The once great company was shriveled and sickly Suzanne take us through this those founders were had left the business within just a very few years. And and it was really other people that turned it into the, you know, the juggernaut that it became it's almost hard to imagine. But they really were the Amazon of their day. They were just an incredible para how powerhouse I mean from dishwashers and back to school clothing. Hold everything. Houses right now important was that Sears catalog that I mean, it really transformed the lives of rural rural Americans who before that really had no way of getting goods. I think at one point they were shifting you kind of on every American Home in the in the country, and you know, people to Jay still remember coming through that catalog for toys as a kid for Christmas gifts catalogue, really meant a lot of people 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 you know, 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 Wednesday 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 cap? Allies 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 their eye off the ball. And and 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 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 wasn't mean, we stores which were basically in shopping malls weren't where people were shopping anymore. It hasn't made money since when. Two thousand ten. 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 that'll have to be negotiated in in bankruptcy court. There was a think a graphic in your story. What nine hundred something stores at one point recently to like just whittle down almost like a fraction of that. Well, that's right. And through this bankruptcy process. Now, they want to close another hundred and fifty immediately. They're going to put two hundred fifty up for review and maybe end up with just like three hundred stores, which is kind of unbelievable. Fall. Thanks is in Wall Street Journal. Reporter Suzanne cap ner..