If there was any doubt that the American economy is not recovering as well as Obama claims it is, Sears just resolved it.
Sears has announced that it will be closing down 78 stores across the country, including 10 Sears stores and 68 Kmart stores. Over the past few years, hundreds of stores have been closed by the brand, but the remaining locations still incurred a $580 million loss last quarter, causing the company to take further measures to reduce losses.
In fact, the company has not turned a profit since 2012. Sears CEO Edward S. Lampert commented on the decision, stating, “The decision to close stores is a difficult but necessary step as we take aggressive actions to strengthen our company, fund our transformation and restore Sears Holdings to profitability. We’re focusing on our best members, our best categories, and our best stores as we work to accelerate our transformation.”
There have been no announcements regarding how many jobs have been or will be lost, but the liquidation sales will begin on April 29th, so those facing layoffs don’t have much time. The 130-year-old retail icon of Sears is not the only long-lived store to face difficulties in today’s economy, though they may have faced the brunt of it. Macy’s and JCPenny have closed 12 and 39 stores, respectively.
Abercrombie & Fitch, Barnes & Noble, Chico’s, Children’s Place, Coach, Fresh & Easy, Gymboree, Office Depot, Pier One and Pep Boys have also been forced to shut down locations over the past year as well. All of this amongst constant claims that the economy is recovering.
http://www.worldnewspolitics.com/2016/04/23/sears-makes-shocking-announcement-welcome-obamas-america/
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