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Today, Explained

Killing Sears

Today, Explained

Vox

Politics, Daily News, News

4.310.3K Ratings

🗓️ 12 February 2019

⏱️ 22 minutes

🧾️ Download transcript

Summary

Sears was on its way to the graveyard of American icons when its former CEO, a reclusive billionaire named Eddie Lampert, stepped in to buy it. Unfortunately, he’s the same CEO who led the company into bankruptcy. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

How does an American icon die?

0:15.3

Does it go down swinging?

0:17.0

Does it go quietly into the night?

0:20.1

Sears, Robuck and Company was once the biggest retailer in the world.

0:26.0

You could buy your work boots there, get your car fixed, get your whole damn house

0:29.9

there.

0:39.0

For over a century, Sears was a brand that meant something.

0:43.1

It was part of America's identity.

0:46.2

But all good things must come to an end, and the end of Sears has not been pretty.

0:53.4

So when Sears filed for Chapter 11 bankruptcy protection in October, there was significant

0:58.4

uncertainty about what would happen to the company in the future, whether there would

1:02.1

be any future at all.

1:04.3

And so there was thousands of tens of thousands of employees whose jobs were at risk.

1:09.6

There were hundreds of stores still, although Sears is much smaller than it used to be.

1:14.2

And so there are major stakes to be had in deciding the fate of Sears.

1:19.4

And so many people's livelihoods still depended on it, and many people still shop there.

1:23.9

Nathan Bohmey is a business reporter at USA Today.

1:27.4

He's been sitting in Sears bankruptcy court.

1:30.0

On one side, you had the creditors of Sears.

1:32.8

We're talking about the major mall owners like Simon and Property Group that don't want

1:36.0

Sears around anymore.

1:37.0

They want the space in their malls to be able to lease out to other people.

...

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