On Monday, Sears & Roebuck Company announced that it is declaring bankruptcy after a long history since it’s founding in the late 1880’s. The company opened its actual retail stores in the 1920’s, but has been declining in the last 50 years for a variety of reasons.
Mr. Trump decided to jump on the news as well, telling ABC:
‘Somebody that is of my generation, Sears Roebuck was a big deal, so it’s very sad to see … Sears has been dying for many years. It’s been obviously improperly run for many years.’
President Trump says "it's a shame" that Sears is declaring bankruptcy.
"Somebody that is of my generation, Sears Roebuck was a big deal, so it's very sad to see … Sears has been dying for many years. It's been obviously improperly run for many years" https://t.co/dKUfrx594E pic.twitter.com/yatKTvp2gx
— ABC News Politics (@ABCPolitics) October 16, 2018
To give the president some credit, he does know quite a bit about improperly running things and especially bankruptcy. This also provides further proof that the economy is tanking under Trump’s leadership and is headed for rock bottom as businesses continue to crumble. The auto industry and manufacturing jobs are taking a huge hit as well as farmers.
According to The Wall Street Journal:
‘Early Monday, Sears filed for bankruptcy protection after years of struggle and relentless losses. Sears said in court papers it faces catastrophic consequences if it can’t repair its supply chain and keep merchandise flowing to the company’s stores and warehouses.‘Some 200 vendors have stopped shipping goods to its stores in the past two weeks and it faces potential liens if it can’t pay logistics companies owed millions of dollars over the coming weeks, Sears said in court papers. A similar scenario helped fell Toys “R” Us Inc., whose vendors tightened terms and stopped shipping products just before the holidays last year.’
Featured image is a screenshot from Twitter