Rather than holiday sales this year, Sears started going-out-of-business sales at 96 of its remaining stores the week after Thanksgiving. This suggests that sales and turnaround plans haven't lived up to expectations.
The company narrowly survived its bruising bankruptcy fight just one year ago. Then creditors were in court clamoring for the iconic retailer to be closed down and its remaining assets liquidated.But in February US Bankruptcy Court Robert Drain gave the company a new lease on life, allowing its former CEO Eddie Lampert, to buy the remaining valuable assets out of bankruptcy, leaving behind the debt and leases he didn't want.
These struggles come at a time when consumer spending is strong, with unemployment at a 50-year low. Tariffs that the Trump administration is threatening to levy on many the imported consumer goods coming from China haven't taken effect yet. There's a good chance for Sears and other retailers, things will only get more difficult from here.
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