After seven years of not turning a profit, Sears Holdings may be nearing the end of a historic life as an iconic American business. The company recently informed investors that there was a chance the company would have to dissolve if their financial outlook doesn’t improve. Sears is currently holds debt of over 4 billion dollars.
“Our historical operating results indicate substantial doubt exists related to the company’s ability to continue as a going concern,” Sears said in a statement.
As recently a January, Sears announced plans to close over 140 stores across the United State. In the last decade, store closures in North America have eliminated upwards of 200,000 jobs from the workforce.
Long before stores like Walmart and Costco dominated the retail landscape, and services like Amazon dominated online ordering, Sear was the go-to store for nearly all of a families needs. The Sears catalogue became an iconic piece of merchandising, and allowed families to order products they needed without having to search through a store.
The first Sears store opened in the 1890s.