Business Insider/Jessica Tyler Department stores struggle to compete with websites like Amazon and off-price stores like TJ Maxx.
- Sears filed for Chapter 11 bankruptcy protection on Monday, announcing it would be closing 142 Sears and Kmart stores and beginning liquidation sales at those locations immediately.
- Sears isn't the only department store that has struggled recently. Macy's and JCPenney have also had to close stores in recent years.
- There are a number of reasons why department stores are struggling, including that consumer habits are shifting towards online shopping as mall foot traffic declines.
Sears filed for Chapter 11 bankruptcy protection on Monday, announcing it would be closing 142 Sears and Kmart stores and beginning liquidation sales at those locations immediately.
The bankruptcy filing comes after years of crippling sales declines.
"Over the last several years, we have worked hard to transform our business and unlock the value of our assets," Sears' then-CEO, Eddie Lampert, said in a statement. "While we have made progress, the plan has yet to deliver the results we have desired, and addressing the Company's immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer."
Lampert stepped down as CEO on Monday but will stay on as chairman of the company's board.
Sears isn't the only department store that has struggled recently. In early 2018, both Macy's and JC Penney announced that they would be closing a number of struggling stores, and Lord & Taylor announced that it would be closing up to 10 stores, including its iconic flagship on New York's Fifth Avenue.
There are a number of reasons why department stores are struggling, including that consumer habits are shifting towards online shopping as mall foot traffic declines.
Here's a closer look at why department stores have been floundering: