The department store chain Sears, which filed for bankruptcy last October, is working towards liquidation of its assets. The company has been going out of business, and many employees are soon going to be out of work. Sears currently has 500 open stores, with approximately 68,000 employees who will no longer have jobs after the liquidation. January 14th will mark the date of auction for all of Sears assets.
Sears, a 126 year old business, may be the highest profile case of retailers going out of business recently. Online shopping has crippled much of the retail and department store markets in the U.S. and companies that have not adapted to the online marketplace are struggling. When even major corporations like Sears are falling short to sites like Amazon, changes in the way Americans purchase goods and services has become clear.
Many have criticized the poor upper management of Sears, who also own the chain K-Mart, for their downfall, and both have struggled to keep up with business over the past 20 years. Executives at Sears also recently came under criticism after receiving part of $25 million in bonuses while former employees received no severance right before the holiday season. Despite efforts to save the company in a small way, it appears that those in charge of Sears are moving towards selling off all aspects of the business now.