Sears

About Sears

Sears Holdings, once the largest retailer in the world, filed for Chapter 11 bankruptcy on October 15, 2018. Sears had been founded in 1892 and operated over 3,500 stores at its peak in the 2000s. CEO Eddie Lampert, a hedge fund manager, had merged Sears with Kmart in 2005. Lampert was criticized for cutting investment in stores, outsourcing operations, and selling valuable real estate to his own hedge fund. By 2018, fewer than 700 stores remained. The bankruptcy filing listed 6.9 billion in assets and 11.3 billion in liabilities. Sears survived bankruptcy under Lamperts ownership but continued to close stores. Fewer than 20 full line Sears stores remained by 2024. The fall of Sears marked the end of the era of department store retail dominance.