Sears Holdings & Co

Sears Holdings was a major American retail company that operated both the Sears and Kmart chains of department stores. The company was formed in 2005 as a result of the merger between Sears, Roebuck and Co. and Kmart Corporation, and it was one of the largest retailers in the United States at the time. However, the company struggled financially in the following years and filed for bankruptcy in 2018.
== History ==
Sears Holdings was formed in 2005 when Sears, Roebuck and Co. and Kmart Corporation merged to form a new company. The merger was led by financier Edward Lampert, who had acquired Kmart out of bankruptcy in 2003. The combined company operated over 3,500 stores and employed over 300,000 people.
Sears Holdings faced financial difficulties almost immediately after the merger. The company's sales declined as competition from online retailers and other discount stores intensified. In addition, the company struggled with high levels of debt and failed to invest in its stores and e-commerce capabilities. In 2017, the company announced that it was closing over 300 Sears and Kmart stores, and it filed for bankruptcy in October 2018.
After filing for bankruptcy, Sears Holdings began a process of liquidating its assets and closing its remaining stores. Lampert stepped down as CEO, and the company's assets were sold off to pay off its debts. Today, the Sears and Kmart brands continue to exist, but they are owned by other companies and operate as much smaller retail chains.
== Legacy ==
Despite its financial struggles, Sears Holdings played a significant role in American retail history. The Sears brand was founded in 1893 and grew to become one of the largest retailers in the world. The company pioneered several retail innovations, including the use of catalogs and the development of the Craftsman and Kenmore brands.
Kmart, meanwhile, was founded in 1962 and grew to become a major discount retailer. The company was known for its low prices and broad selection of products.
The merger between Sears and Kmart was initially seen as a way for the two struggling retailers to join forces and become more competitive. However, the resulting company faced significant challenges, and its decline is seen as a cautionary tale for other retailers facing intense competition and changing consumer habits.
Category:Sears
Category:Retailers that filed for bankruptcy
Category:Department stores
Category:Retailers
Category:Companies
Category:Franchises
Category:Brands