On Monday, Sears filed for bankruptcy after years of struggling to survive in the changing retail industry.
“Over the last several years, we have worked hard to transform our business and unlock the value of our assets,” said Edward S. Lampert, Chairman of Sears Holdings, in a statement. “While we have made progress, the plan has yet to deliver the results we have desired.”
As part of Sears’ restructuring, Lampert stepped down as the company’s CEO and continues to serve as its chairman. Sears has also formed a restructuring committee and appointed Mohsin Y. Meghji as chief restructuring officer.
Sears is not the only retail big-name to take a hit this year. Toys “R” Us closed all of its stores in June and Mattress Firm also filed for bankruptcy earlier this month. Retailers like Best Buy, Walgreens and Gap are also set to close hundreds of stores by the end of the year.
Brick-and-mortar stores began taking a big hit with the rise of online stores like Amazon and Walmart. Mall closures also drastically shifted the industry, making it hard for some retailers to stay alive.
Other stores like Macy’s and JC Penney have hired new CEOs and other top executives this year in an effort to re-strategize their brick-and-mortar plans.
Sears plans to close 142 stores by the end of the year, 46 of which are expected to be closed in the next month.