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 founders were had left 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 imagine. But they really were the Amazon of their day. They was just an incredible power. How powerhouse I mean from dishwashers and back to school clothing. How this right now important was that Sears catalog that come? I mean, it really transformed the line rule American true before that really had no way of getting good. I think at one point they were shipping every American Home 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 of people use it to which I didn't know that Sears is 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 on some of on some of their vision, you know, they launched a Wednesday nineteen ninety nine which is which is early, but they just weren't able to capitalize on that. And just lost ground to everyone from Macy's to Amazon. What are the? Observers say was the downfall. Like, why couldn't they capitalize? 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 big mentions about a decade later, you know, that took care of the ball. And and in the interim, you had companies like WalMart and target opening hundred the story in stripped 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 in hang huge woke up to find that. It wasn't me where it stored which were basically in shopping malls warrant 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 lifted a series largest creditor. And so it done quickly. 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 and 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 the bankruptcy process. Now, they want wanna close another hundred and fifty immediately. They're going to put two hundred fifty up for a view, and maybe. Just like three hundred stores, which is kind of unbelievable fall. Thanks is in Wall Street Journal. Reporter Suzanne cap ner. This portion.