The american giant of the distribution, Sears Holdings has been placed under the protection of chapter 11 of the u.s. bankruptcy law, Monday, October 15. This provision allows a business to continue to operate and recover without the pressure of his creditors.
Created in 1886, and the pioneer of department stores, the group is Sears Holdings, which owns Sears department Store and Kmart, announced the closure of 142 stores by the end of the year. They are in addition to the 46 closures planned for the month of November, whereas, in the spring of 2018, 103 stores in the group had already pulled the curtain.
Edward S. Lampert, who held the post of CEO, becomes chairman of the board of directors, while the management will be ensured by a “bureau of the CEO” is newly created.
Sears no longer makes a profit since 2011, is heavily in debt. In the folder it was filed in the bankruptcy court, it declares 6.9 billion ($5,96 billion euros) of assets and 11.3 billion of liabilities. The group employed 89 000 people in the United States in February, compared to 246 000 five years ago. At the time of its completion in 1973 the Sears Tower in Chicago was the tallest skyscraper in the world.
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The competition Amazon
The group faces competition from online commerce, including the giant Amazon. The bankruptcy of Sears is emblematic of a change of model of consumption and goes hand-in-hand with the disaffection of the shopping centres.
In march, another american giant of the trade, toysrus, teaches specialized in the sale of toys, announced that it was seeking a buyer, following the announcement of the winding-up of the 735 stores in the United States. The French company Jellej was chosen on 8 October to resume the French subsidiary.
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