The last-standing Sears in the New York area is closing its doors, marking the end of an era for this once-retail giant. At its peak in 2011, Sears had approximately 4,000 locations worldwide, but that number dwindled significantly over the years. Now, the company has only 12 stores in the entire United States, plus one in Puerto Rico. Even in New Jersey, which used to have about a dozen Sears locations, the last one in Jersey City is about to shut down.
The signs at the Newport Centre Mall Sears are clear: “Blowout Event” posters and discounts of up to 70%, as the store prepares to close for good. The decline of Sears has been a long and tumultuous journey, with the company filing for bankruptcy in October 2018 and emerging from Chapter 11 proceedings four years later with just a handful of stores remaining.
The closure of this iconic retailer raises questions about the changing landscape of business and retail in America……….[read more]
How did Sears, once the world’s largest retailer, fall from grace, and what does it tell us about the evolving preferences of consumers and the challenges businesses face in the digital age?
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