35 depressing photos that show why Sears is teetering on the brink of bankruptcy (SHLD)


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Sears is reportedly preparing for a bankruptcy filing that could come as soon as this week
Sears has said that it is in the process of a transformation that will lead the company back to profitability. But conditions inside some of Sears’ stores tell a different story.
We visited a Sears store in Glen Allen, Virginia, and found empty shelves, broken merchandise displays, torn and stained carpet, evidence of water damage, and active ceiling leaks.

Sears is reportedly preparing for a bankruptcy filing that could come as soon as this week, The Wall Street Journal reported late Tuesday.

The company has a debt repayment coming due on Monday, and it’s short on cash following a years-long downward spiral in sales and customer traffic.

Wall Street analysts have speculated for years that a Sears bankruptcy was imminent. But the retailer has managed to stay afloat with loans from its CEO, the sale of valuable real estate, and the slow dismantling of its exclusivity over some big American brands.

The company had cut its store count to 866 stores as of September 13, down from 1,980 stores in 2013.

Sears has said that it is in the process of a transformation that will lead the company back to profitability. But conditions inside some of Sears’ stores tell a different story.

We visited a Sears store in Glen Allen, Virginia, and found empty shelves, broken merchandise displays, torn and stained carpet, evidence of water damage, active ceiling leaks, and curtains hanging from the ceiling that hid empty parts of the store.

Here’s what we saw:

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The window displays outside the store — which are meant to entice shoppers passing by — were mostly empty when we visited in July 2017.

This is what greeted shoppers upon entering: an empty table and an empty box.

At another store entrance, we found an active ceiling leak with a bucket to catch dripping water.

See the rest of the story at Business Insider …read more

Source:: Business Insider

      

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