Retail apocalypse continues as Sears files for bankruptcy
142 more stores to close, but that might be just the tip of the proverbial iceberg.
- Sears to close 142 stores immediately amid bankruptcy filing.
- Dozens of Kmart stores — owned by Sears since 2004 — already scheduled for closing in November.
- Will it affect a store near you?
Sears announced on Monday that it's in bankruptcy proceedings, along with the immediate closure of 142 stores nation-wide. With the news comes the stepping down of Sears CEO Edward Lampert, who had held the position since 2013.
With this, the phenomenon of national and international retail stores closing doesn't seem to be slowing down.
Those pants, tho ...
With the fresh closures of Sears and Kmart stores, it's now down to less than 700 retail locations—1/3 of the stores it operated in 2013.
Humble beginnings ...
Sears, Roebuck, and Co. catalog, 1909
The company, started in 1886 by Richard W. Sears, a Minnesota railway agent who wanted to get into the watch business, was soon to be co-owned by business partner Alvah Roebuck.
By 1895, the company named was officially "Sears, Roebuck, and Co." and the mail-order book, or catalog, had grown to 532 pages of much more than watches.
Interestingly, given the takeover of many thing that used to be retail by Amazon and online ordering, Sears identified a market early-on of farmers, who would soon buy their supplies and equipment from rural general stores, at a discount. For a number of years, it self-identified in its catalogs as the "Cheapest Supply House on Earth."
Interactive map by:
It remains to be seen whether the company can survive much longer.
For a list of stores closing, there's an interactive map at the bottom of the article here.
With the closures of Sears and Kmart stores, it's now down to less than 700 —1/3 of the stores it operated in 2013 — less than 700.
Also, here's an emerging point of view on what's happening behind the scenes in this situation:
(If that doesn't work, the Tweet is here: https://twitter.com/ddayen/status/1051702252774207488)
Giving our solar system a "slap in the face"
- A stream of galactic debris is hurtling at us, pulling dark matter along with it
- It's traveling so quickly it's been described as a hurricane of dark matter
- Scientists are excited to set their particle detectors at the onslffaught
"Secret Service passes for working White House journalists should never be weaponized," Fox News' president said in a statement.
- On Tuesday, CNN filed a lawsuit against the Trump administration for allegedly violating the First and Fifth Amendments when it revoked Jim Acosta's press badge.
- Opinions on Acosta may vary among media professionals, though the general consensus seems to be that administrations shouldn't bar journalists from the White House based on the content of their reporting.
- White House Press Secretary Sarah Sanders, who had tweeted a doctored video of the heated exchange between Acosta and President Donald Trump, described CNN's lawsuit as "more grandstanding."
Firefighters in California are still struggling to contain several wildfires nearly one week after they broke out.
- Hundreds of people are still missing after three wildfires spread across Northern and Southern California last week.
- 48 of the 50 deaths occurred after the Camp Fire blazed through the town of Paradise, north of Sacramento.
- On Tuesday night, a fourth wildfire broke out, though it's mostly contained.
A new report outlines how the CIA considered using a drug called Versed on detainees in the years following 9/11.
- The 90-page report was released to the American Civil Liberties Union on Tuesday.
- It describes how the CIA researched past attempts by governments to find an effective 'truth serum', including the agency's infamous MK-Ultra program.
- Ultimately, the agency decided not to ask the Justice Department to approve drug-assisted interrogations.
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